Board of Governors of the Federal Reserve System

F1.t/F1.s: Monetary gold and special drawing rights (SDRs)

This table was previously numbered F.200/L.200 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Monetary gold (including allocated gold accounts) consists of two subcategories, physical gold bullion and unallocated gold accounts. Gold bullion takes the form of coins, ingots, or bars with a purity of at least 995 parts per thousand. Gold held as a valuable by commercial banks or as inventories by some specialized industries--for example, jewelers--are excluded. Transactions in monetary gold consist of purchases and sales of gold among monetary authorities and are recorded in the financial account of the domestic sectors as increases (decreases) in assets, and the counterparts are recorded as decreases (increases) in assets of the rest of the world. Gold bullion held as a reserve asset is the only financial asset with no corresponding liability. At present, all U.S. monetary gold is "monetized": That is, the Exchange Stabilization Fund, an entity within the Treasury Department, holds all monetary gold and issues a gold certificate equal to the value of the gold to the Federal Reserve System, which increases the value of the Treasury's deposit account by the same amount. In the financial accounts, monetary gold is an asset of the federal government reported at market value, while gold certificates, shown on table F./F89.3b.s Identified Miscellaneous Financial Claims - Part II, are an asset of the central bank sector.

SDRs are international reserve assets that the IMF created to supplement the reserves of IMF member countries. The SDR is neither a currency nor a claim on the IMF. Rather, it is a potential claim on the freely usable currencies of IMF members. Holders of SDRs can obtain these currencies in exchange for their SDRs in two ways: (1) through the arrangement of voluntary exchanges between members and (2) by the IMF designating members with strong external positions to purchase SDRs from members with weak external positions. SDRs are allocated in proportion to the countries' respective quotas. SDRs are valued at an administrative rate determined by the IMF. The IMF determines the value of SDRs daily in U.S. dollars by summing the values (which are based on market exchange rates) of a weighted basket of currencies. The basket and weights are subject to revision from time to time. SDR allocations represent the amount the federal government would owe to the IMF should the United States withdraw its membership from the IMF. Thus, in the Financial Accounts, SDR allocations are a net increase in federal government liabilities and net acquisition of financial assets of the rest of the world. Stocks outstanding represent the accumulation of these allocations, plus changes due to the fluctuation of the exchange rate. Since 1970, there have been eight allocations of SDRs to IMF member countries in proportion to their IMF quotas, the latest allocation being made in 2021. SDRs can be used for a wide range of transactions and operations, including for acquiring other IMF members' currencies, settling financial operations, making donations, and extending loans. SDRs may also be used in swap arrangements and as security for the performance of financial obligations. In the financial accounts, SDR holdings represent the accumulation of SDR allocations and any change in value through these transactions or operations, interest paid or received, and administrative expenses.

Official reserve assets are transacted between official agencies of the world's countries to settle international accounts. U.S. official reserve assets are comprised of monetary gold, SDRs, net U.S. reserve position in the International Monetary Fund (IMF), and official holdings in foreign currency. The reserve position in the IMF is shown on tables F2.4.t/F2.4.s Other Deposits. Official holdings in foreign currency by the Treasury Department and the Federal Reserve System include foreign-currency-denominated deposits, securities, and repurchase agreements and are included on instrument tables F2.1.t/F2.1.s Interbank Assets and Liabilities, F2.4.t/F2.4.s Other deposits, F4.1.t/F4.1.s Federal Funds and Security Repurchase Agreements, and F3.5.t/F3.5.s Corporate and Foreign Bonds. Data on U.S. official reserve accounts is available in the Bureau of Economic Analysis' International Transactions and International Investment Position statistics.

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F2.t/F2.s: Currency and deposits

This table was previously numbered F.201/L.201 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Total currency and deposits equals the sum of the following instruments shown on tables F2.1 through F2.4: interbank assets and liabilities, checkable deposits and currency, time and savings deposits, and other deposits.

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F2.1.t/F2.1.s: Interbank assets and liabilities

This table was previously numbered F.202/L.202 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Interbank positions record the assets and liabilities of private depository institutions and the central bank due from or due to other such institutions. These transactions are used for short-term lending, netting and clearing of transaction cash flows, acquiring foreign currencies, maintaining correspondent balances, managing assets and liabilities, and adjusting reserves. They are also used to make quasi-equity investments, especially between depository institutions operating in the United States and their affiliated foreign offices. Federal funds and security repurchase transactions are not included in interbank positions.

This instrument category includes:

1. Depository institution reserves. Required and excess deposits of private depository institutions at the Federal Reserve.

2. Federal Reserve float and loans to U.S.-chartered depository institutions by the central bank. Federal Reserve float is money in the banking system that is counted twice because of delays in processing checks. Loans to U.S.-chartered depository institutions by the central bank are loans from the Federal Reserve to U.S.-chartered depository institutions through term auction credit, primary credit, secondary credit, and seasonal credit. Also included are loans extended to U.S.-chartered depository institutions through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF) during the 2008 financial crisis and Money Market Mutual Fund Liquidity Facility (MMLF) during the COVID-19 pandemic.

3. Transactions with banks in foreign countries. U.S. depository institutions' positions (due to and due from) with their foreign affiliates, U.S. depository institutions' deposits at unrelated foreign banks, and U.S. depository institutions' loans from unrelated foreign banks.

4. Transactions between U.S. depository institutions. Transactions of U.S.-chartered depository institutions with foreign banking offices in U.S., banks in U.S.-affiliated areas, and credit unions. In theory, interbank transactions between U.S. depository institutions should net to zero but do not due to inconsistencies in source data. The difference is shown as "unallocated" liabilities of U.S.-chartered depository institutions and is equal to the instrument discrepancy.

5. Official deposits in foreign currency held by the central bank, which are included in U.S. official reserve assets.

6. Reciprocal currency arrangements (swap lines) between the central bank and foreign central banks.

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F2.2.t/F2.2.s: Checkable deposits and currency

This table was previously numbered F.203/L.203 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Checkable deposits consist of demand deposits at U.S.-chartered depository institutions, credit union share drafts, and negotiable order of withdrawal accounts and automatic transfer service accounts at depository institutions. Currency is U.S. currency and includes coin held outside the U.S. Treasury. Currency includes U.S.-chartered depository institutions' and foreign banking offices in the U.S.'s vault cash, cash-on-hand for daily transactions. Treasury currency consists of standard silver dollars, fractional coin, national bank notes, and currency items in the process of retirement. Checkable deposits are liabilities of private depository institutions, while currency held outside of banks and vault cash is a liability of the central bank.

Data on holdings of checkable deposits and currency by most sectors are compiled from available data, while holdings by the sector for households and nonprofit organizations are calculated residually from total liabilities. For most sectors, the information available is insufficient for separately showing holdings of deposits and currency but estimates of currency holdings by the rest of the world are available.

Rest of the world currency is estimated from net payments of $100s from New York, Los Angeles, and Miami Federal Reserve offices; offices whose $100 payment activity is dominated by international accounts. This measurement is a proxy for international commercial bank currency shipments. It does not capture currency moved across U.S. borders outside of banking channels.

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F2.3.t/F2.3.s: Time and savings deposits

This table was previously numbered F.204/L.204 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Time and savings deposits include deposits at U.S.-chartered depository institutions, foreign banking offices in the United States, banks in U.S.-affiliated areas, and share accounts at credit unions. This instrument consists of time deposits (deposits that have a stated maturity) and savings deposits (passbook savings accounts). Both money market deposit accounts and individual retirement accounts/Keogh accounts held in the form of time and savings deposits are included in the total. In practice, depositors may generally withdraw funds from passbook savings accounts at any time without giving prior notice and without penalty, but they may not draw down funds from a time deposit having a stated maturity before the maturity date without penalty.

Data on holdings of time and savings deposits by most sectors are compiled from available data, while holdings by the sector for households and nonprofit organizations are calculated residually from total liabilities. Data on liabilities are insufficient to classify sectors' assets by type of deposit.

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F2.4.t/F2.4.s: Other deposits

This table was previously numbered F.205/L.205 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Other deposits include four types of deposits:

1. The U.S. net reserve position in the IMF is equal to the U.S. quota in the IMF minus IMF holdings of U.S. dollars (excluding dollar holdings in IMF administrative and subsidiary accounts) plus net U.S. loans to the IMF. The net reserve position represents the amount of foreign exchange that the United States may unconditionally draw from the IMF on short notice, up to the full amount of its quota. The U.S. reserve position in the IMF is part of U.S. official reserves.

2. Postal Savings System deposits are liabilities of the Postal Savings System, which was established by congressional mandate in 1910. Through the system, individuals were able to establish and contribute to savings accounts at local post offices. The system was closed by statute in 1966, and the federal government liability for outstanding deposits was discontinued in the third quarter of 1985.

3. Deposits at Federal Home Loan Banks are deposits held by U.S.-chartered depository institutions at the Federal Home Loan Banks, which are part of the sector for government-sponsored enterprises.

4. U.S. deposits in foreign countries, including negotiable certificates of deposit, are deposits held in foreign financial institutions by private U.S. owners and foreign-currency denominated deposits of the federal government included in U.S. official reserves. Data on the deposit liabilities of foreign institutions are taken from the U.S. Balance of Payment statistics and the Treasury International Capital system. Data on the holdings of foreign deposits by U.S. residents are incomplete, as indicated by the existence and relative size of the discrepancy for the category.

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F3.t/F3.s: Debt securities

This table was previously numbered F.208/L.208 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Debt securities is the sum of the following instrument categories shown on table F3.1 through F3.5: open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds.

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F3.1.t/F3.1.s: Open market paper

This table was previously numbered F.209/L.209 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Open market paper consists of two items: (1) commercial paper and (2) bankers' acceptances. These items are explained in detail below.

1. Commercial paper consists of short-term unsecured promissory notes issued by financial and nonfinancial borrowers. Commercial paper issued by foreigners in the United States is also included. Maturities range from 1 to 270 days, but the typical maturity is about 30 days. It is usually bought and sold on a discount basis, with face value paid to holders upon maturity.

2. A banker's acceptance is a draft or bill of exchange drawn on and accepted by a banking institution (the "accepting bank") or its agent for payment by that institution on a future date specified in the instrument (most commonly about three months later). In the financial accounts, they are treated as liabilities of U.S.-chartered depository institutions and of foreign banking offices in the United States. Banks' holdings of own acceptances are excluded.

It is not possible to determine sectors' holdings of commercial paper separately from their holdings of bankers' acceptances. Holdings of open market paper by the households and nonprofit organizations sector are the assets of nonprofit organizations. The other financial business sector is the residual holder of open market paper.

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F3.2.t/F3.2.s: Treasury securities

This table was previously numbered F.210/L.210 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

U.S. Treasury securities are marketable debt securities issued by the Department of the Treasury, net of premiums and discounts. Marketable Treasury securities consist of Treasury bills (maturity of 1 year or less), Treasury notes (maturity of 2 to 10 years), Treasury bonds (maturity of 10 to 30 years), Treasury inflation-protected securities (TIPS), and marketable Treasury securities issued by the Federal Financing Bank to federal government pension funds. Marketable Treasury securities are highly liquid and are heavily traded on the secondary market.

U.S. Treasury securities exclude intergovernmental holdings of marketable securities except for those issued by the Federal Financing Bank to federal government pension funds because those pension funds are treated as a separate sector in the Financial Accounts. Nonmarketable Treasury securities held by the public and by federal government pension funds are excluded from the table because they are not negotiable and are therefore not classified as debt securities. Nonmarketable Treasury securities are instead classified as other loans and advances and are shown in the memo item.

Data for total U.S. Treasury securities outstanding are from the U.S. Department of the Treasury Monthly Treasury Statement and the Monthly Statement of the Public Debt. Data on holdings of Treasury securities by most sectors are compiled from available data. Net purchases by the household and nonprofit organizations sector are calculated residually from total issuance; however, all U.S. savings securities are assets of the household sector. Outstanding holdings are shown at market value for most sectors (prefixed with LM on the tables) while some sectors are shown at book value (prefixed with FL on the tables). The discrepancy series on the stocks outstanding table shows the accumulated valuation difference between issuance and holdings.

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F3.3.t/F3.3.s: Agency- and GSE-backed securities

This table was previously numbered F.211/L.211 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Securities backed by agencies and government-sponsored enterprises (GSEs) are debt securities issued by budget agencies, government-sponsored enterprises (GSEs), and agency- and GSE-backed mortgage pools. Only the budget agency issues are considered officially to be part of the total borrowing of the federal government.

Budget agencies are federal agencies that are part of the budget of the U.S. government under special financing authorities and include the Tennessee Valley Authority, the Federal Housing Administration, the Federal Communications Commission, the Architect of the Capitol, and the National Archives and Records Administration. Previously, certificates of interest issued by the Commodity Credit Corporation and loan participation certificates were included in agency- and GSE-backed securities, but both were discontinued many years ago.

GSEs include the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), the Federal Agricultural Mortgage Corporation (Farmer Mac), the Farm Credit System, the Financing Corporation (FICO), and the Resolution Funding Corporation (REFCORP). The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in the fourth quarter of 2004.

Agency- and GSE-backed mortgage pools are issued by the Government National Mortgage Association (Ginnie Mae), Fannie Mae, Freddie Mac, and Farmer Mac. The Farmers Home Administration (FmHA) was also included until the end of the 1990s.

Data on holdings of agency- and GSE-backed securities by most sectors are compiled from available data. Net purchases by the households and nonprofit organizations sector are calculated residually from total issuance. Outstanding holdings are shown at market value for some sectors, including the household and nonprofit organizations sector, (prefixed with LM on the tables) while other sectors are shown at book value (prefixed with FL on the tables). The discrepancy series on the stocks outstanding table shows the accumulated valuation difference between issuance and holdings.

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F3.4.t/F3.4.s: Municipal securities

This table was previously numbered F.212/L.212 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Municipal securities are obligations issued by state and local governments, nonprofit organizations, and nonfinancial corporate businesses. State and local governments are the primary issuers; detail on both long and short-term (original maturity of 13 months or less) debt is shown. This instrument excludes trade debt of, and U.S. government loans to, state and local governments. Debt issued by nonprofit organizations includes nonprofit hospital bonds and issuance to finance activities such as lending to students. Debt issued by the nonfinancial corporate business sector includes industrial revenue bonds. Outstanding holdings are shown at market value for some sectors (prefixed with LM on the tables) while other sectors are shown at book value (prefixed with FL on the tables). The discrepancy series on the stocks outstanding table shows the accumulated valuation difference between issuance and holdings.

Most municipal debt is tax-exempt; that is, the interest earned on holdings is exempt from federal income tax. Since 1986, however, some of the debt issued has been taxable, including the Build America Bonds authorized under the American Recovery and Reinvestment Act of 2009.

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F3.5.t/F3.5.s: Corporate and foreign bonds

This table was previously numbered F.213/L.213 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Corporate and foreign bonds are debt obligations of U.S. financial and nonfinancial corporations and foreign entities. The obligations include bonds, notes, debentures, mandatory convertible securities, long-term debt, private mortgage-backed securities, and unsecured debt. For U.S. corporations, the category includes bonds issued both in the United States and in foreign countries, but not bonds issued in foreign countries by foreign subsidiaries of U.S. corporations. Corporate bond liabilities are recorded at book value except for the rest of the world sector, which is reported at market value.

For the rest of the world, the category includes foreign bonds issued through or acquired by U.S. dealers and purchased by U.S. residents. The foreign borrowers are private corporations and financial institutions, central governments and their agencies and corporations, local and municipal governments, and international organizations. Bonds issued by foreign entities that are purchased by non-U.S. residents are not included.

On the asset side, it is not possible to separate the purchases of domestic issues and foreign issues for all sectors. For some sectors, purchases of structured bonds are shown separately. Structured bonds include privately issued mortgage-backed securities and other privately issued asset-backed bonds. Foreign purchases include corporate bonds issued abroad or in the United States by U.S. corporations reported by U.S. dealers. Foreign-currency denominated securities held in the Exchange Stabilization Fund as part of U.S. official reserves are included. Before 1993, foreign purchases of bonds issued by U.S. corporations through finance subsidiaries in the Netherlands Antilles are also included.

Outstanding holdings are shown at market value for some sectors, including the household and nonprofit organizations sector, (prefixed with LM on the tables) while other sectors are shown at book value (prefixed with FL on the tables). The discrepancy series on the stocks outstanding table shows the accumulated valuation difference between issuance and holdings. Net purchases by households and nonprofit organizations are calculated residually.

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F4.t/F4.s: Loans

This table was previously numbered F.214/L.214 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Loans is the sum of the following instrument categories shown on tables F4.1 through F4.6: federal funds and security repurchase agreements, depository loans not elsewhere classified, consumer credit, total mortgages, and other loans and advances.

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F4.1.t/F4.1.s: Federal funds and security repurchase agreements

This table was previously numbered F.207/L.207 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Federal funds purchases and security repurchase agreements are a type of short-term borrowing.

Federal funds are overnight borrowings by a depository institution to maintain its required reserve balance at the Federal Reserve. The interest rate at which such borrowings are done is called the federal funds rate.

A security repurchase agreement, also called a repo, is the sale of securities together with an agreement for the seller to buy back the securities later. Repurchase agreements are viewed as collateralized loans, with the difference between the sale price and the repurchase price of the security constituting the interest payment. Repurchase agreements (and reverse repurchase agreements) are often carried out by the Federal Reserve System in order to temporarily inject reserves into (or remove reserves from) the banking system and withdraw them when they are no longer needed (or replace them when the need returns). Government securities dealers use repurchase agreements to finance their inventories. Foreign-currency denominated repurchase agreements held in the Exchange Stabilization Fund as part of U.S. official reserves are also included.

While some sectors report federal funds purchases or sales separately from security repurchase agreements, it is not possible to show purchases and sales of the two items individually for the whole time series. Federal funds and security repurchase agreements are shown separately for U.S.-chartered depository institutions, which include savings institutions, beginning 2012:Q1; foreign banking offices in the U.S. beginning 2003:Q1, corporate credit unions beginning 1997:Q1, and the Federal Home Loan Banks (FHLB) beginning 2000:Q4. Federal funds of the FHLB include "term" federal funds, while those of the depository institutions do not.

Both the gross asset and liability positions of institutional sectors are shown; that is, transactions between two institutions within the same sector are not netted, aside from netting already present in source data. For depository institutions, repo and reverse repo transactions are included in the federal funds and security repurchase agreements instrument category, rather than in net interbank transactions. Due to the differences in the timing of recording sales and purchases and the short-term nature of many repos, the discrepancy for this instrument is often large.

A June 30, 2014 FEDS Note, "Repurchase Agreements in the Financial Accounts of the United States" by Elizabeth Holmquist and Josh Gallin, describes the construction of this instrument category in more detail. The note is available at https://www.federalreserve.gov/econresdata/notes/feds-notes/2014/repurchase-agreements-in-the-financial-accounts-of-the-united-states-20140630.html.

A memo item shows the effective federal funds rate. The federal funds rate is the interest rate at which depository institutions lend excess reserves to each other overnight. The Federal Open Market Committee (FOMC) establishes the target rate for trading in the federal funds market. The effective federal funds rate is measured using a weighted average of rates on brokered trades. It is reported on an annualized basis using a 360-day year.

An additional memo item shows the Federal Reserve's reverse repurchase agreement operations, which include both overnight and term reverse repurchase agreements, with money market funds and other financial institutions. Other financial institutions include banks (consolidated), government-sponsored enterprises, and primary dealers. These operations began in 2013:Q3. A March 24, 2015 FEDS Note, "The Federal Reserve's Overnight and Term Reverse Repurchase Agreement Operations in the Financial Accounts of the United States" by Ralf Meisenzahl, describes these operations in more detail. The note is available at http://www.federalreserve.gov/econresdata/notes/feds-notes/2015/federal-reserves-overnight-and-term-rrp-agreement-operations-in-financial-accounts-of-the-united-states-20150324.html.

Reverse repurchase agreements with the rest-of-the-world conducted through the Federal Reserve's Foreign Repo Pool are included as a liability of the central bank.

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F4.2.t/F4.2.s: Depository institution loans not elsewhere classified

This table was previously numbered F.215/L.215 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Depository institution loans not elsewhere classified (n.e.c.) are primarily loans from U.S.-chartered depository institutions, foreign banking offices in the U.S., banks in U.S.-affiliated areas, and credit unions that are not included in any of the identified loan categories (open market paper, mortgages, and consumer credit). This instrument also includes loans from Federal Reserve Banks, including small amounts loaned to foreign borrowers prior to 1970 and loans made to institutions in response to the 2008 financial crisis and the COVID-19 pandemic.

Historically, most depository institution loans n.e.c. have been extended to nonfinancial businesses in the form of commercial and industrial loans, lease-financing receivables, and agricultural loans. Depository institution loans n.e.c. to the sector for households and nonprofit organizations, a much smaller portion of the total, consist of overdrafts on deposit accounts, loans to individuals other than consumer credit and loans secured by real estate, and loans to nonprofit organizations. Depository institution loans n.e.c. are also made to the rest of the world and to some financial institutions other than private depository institutions. Loans made to brokers and dealers for purchasing and carrying securities are also included in this instrument category.

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F4.3.t/F4.3.s: Consumer credit

This table was previously numbered F.222/L.222 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Consumer credit consists of short- and intermediate-term loans to individuals, excluding loans secured by real estate. Consumer credit includes revolving credit, such as credit card receivables, and nonrevolving credit, such as loans for automobiles, mobile homes, education, boats, trailers, or vacations. Consumer motor vehicle leases are not included. All consumer credit is a liability of the sector for households and nonprofit organizations.

Types of consumer credit loans are shown as memo items. These include credit card loans, auto loans, student loans, and other consumer credit. The series on student loans begins in 2006:Q1.

Note: The Student Loan Marketing Association, or Sallie Mae, a major lender in the student loan market, moved from the sector for government-sponsored enterprises to the sector for finance companies when it was fully privatized in the fourth quarter of 2004.

Also, the shift in the first quarter of 2010 of consumer credit from the issuers of asset-backed securities to other sectors is largely due to financial institutions' implementation of the Financial Accounting Standards, or FAS, 166/167 accounting rules.

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F4.5.t/F4.5.s: Total mortgages

This table was previously numbered F.217/L.217 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Mortgages are loans that are secured in whole or in part by real property. This table summarizes transactions in the four types of mortgages: (1) one-to-four-family residential mortgages (tables F4.5a.t and F4.5a.s), (2) multifamily residential mortgages (tables F4.5b.t and F4.5b.s), (3) commercial mortgages (tables F4.5c.t and F4.5c.s), and (4) farm mortgages (tables F4.5d.t and F4.5d.s).

Institution-level holdings detail is available for total mortgage holdings of the federal government, government-sponsored enterprises (GSEs), and agency- and GSE-backed mortgage pools. Federal government detail includes Ginnie Mae, Farmers Home Administration (FmHA), Federal Housing Administration (FHA), Federal Deposit Insurance Corporation, and other (includes Department of Veterans Affairs, Federal Financing Bank, Public Housing Administration, and Resolution Trust Corporation). GSE detail includes Fannie Mae, Freddie Mac, Farm Credit System, FHLB, and Farmer Mac. Agency- and GSE-backed mortgage pools detail includes Ginnie Mae, Freddie Mac, Fannie Mae, Farmer Mac, and Farmers Home Administration (FmHA). This detail corresponds to the Federal Reserve's Mortgage Debt Outstanding table, which now shows a mapping to Financial Accounts series and can be accessed at https://www.federalreserve.gov/data/mortoutstand/.

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F4.5a.t/F4.5a.s: One-to-four-family residential mortgages

This table was previously numbered F.218/L.218 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

One-to-four-family residential mortgages, also referred to as home mortgages, are loans collateralized by residential properties with one to four units and condominiums and cooperatives in structures with five or more units, as well as construction and land development loans on residential properties.

On transaction table (F4.5a.t) a memo item shows charge-offs for total one-to-four-family residential mortgage loans. All one-to-four-family residential mortgage loan charge-offs are excluded from transactions data and are accounted for as other changes in volume.

An October 31, 2014 FEDS Note, "Accounting for Mortgage Charge-offs in the Financial Accounts of the United States" by James Kennedy, Maria Perozek, Paul Smith, describes the treatment of mortgage charge-offs in more detail. The note is available at https://www.federalreserve.gov/econresdata/notes/feds-notes/2014/accounting-for-mortgage-charge-offs-financial-accounts-of-the-united-states-20141031.html. Another memo item shown on both the transaction and stocks outstanding tables (F4.5a.t and F4.5a.s) shows loans made under home equity lines of credit and home equity loans secured by junior liens with detail by lender. Home equity loans are included in the one-to-four-family residential mortgage data.

The household sector is the primary borrower of one-to-four-family residential mortgages. Borrowing to finance the purchase of investment properties is considered borrowing by the nonfinancial noncorporate business sector. One-to-four-family residential mortgages held by the household sector are typically seller-financed loans. One-to-four-family residential mortgages that have been securitized and removed from the originator's balance sheet are reported as assets of either the sector for agency- and GSE-backed mortgage pools or the sector for issuers of asset-backed securities.

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F4.5b.t/F4.5b.s: Multifamily residential mortgages

This table was previously numbered F.219/L.219 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Multifamily residential mortgages are loans secured by housing units in structures with five or more units, excluding buildings composed of condominiums and cooperatives where the units are individually owned and may be financed with a one- to four-family mortgage (included on tables F4.5a.t and F4.5a.s). This instrument also includes construction and land development loans associated with multifamily residential properties.

Most multifamily residential mortgages are liabilities of the nonfinancial noncorporate business sector. Multifamily residential mortgages that have been securitized and removed from the originator's balance sheet are reported as assets of either the sector for agency- and GSE-backed mortgage pools or the sector for issuers of asset-backed securities.

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F4.5c.t/F4.5c.s: Commercial mortgages

This table was previously numbered F.220/L.220 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Commercial mortgages are loans secured by nonfarm nonresidential properties, such as office buildings, retail stores, and industrial facilities, as well as construction and land development loans associated with commercial properties.

The nonfinancial business sectors are the primary borrowers of commercial mortgages. Mortgages on nonresidential properties owned by nonprofit organizations, such as universities, hospitals, and churches, are shown as household sector borrowing. Commercial mortgages that have been securitized and removed from the originator's balance sheet are reported as assets of either the sector for agency- and GSE-backed mortgage pools or the sector for issuers of asset-backed securities.

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F4.5d.t/F4.5d.s: Farm mortgages

This table was previously numbered F.221/L.221 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Farm mortgages are loans secured by farm properties. The U.S. government defines farms in different ways for various purposes. In terms of residential real estate, a farm is on a property that generates at least $1,000 in income from agricultural products. Farm mortgage debt is considered a liability of the nonfinancial corporate and nonfinancial noncorporate business sectors. The primary lenders of farm mortgages are government-sponsored enterprises, such as the Farm Credit System, and the U.S.-chartered depository institutions sector.

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F4.6.t/F4.6.s: Other loans and advances

This table was previously numbered F.216/L.216 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Other loans and advances are loans of diverse types that do not fit into the categories of open market paper, mortgages, consumer credit, and depository institution loans not elsewhere classified. There are sixteen types of loans included in the instrument category other loans and advances. Fifteen types are shown on the table while customers' liability on acceptances outstanding data end 2008q2 and are no longer shown on the table. Obligations to banks for funds that have been advanced to the drawers of drafts or bills of exchange that have been accepted by the banks (bankers' acceptances). The borrowers are foreigners and U.S. nonfinancial corporations, and they are obligated to repay the funds on or before the maturity dates of the accepted drafts. In the financial accounts, customers' acceptance liabilities are assets of U.S.-chartered depository institutions and foreign banking offices in the U.S.

1. Loans from nonprofit organizations to households and nonfinancial noncorporate business.

2. Federal government loans are loans made several sectors for various public purposes. This category of loans includes specific loans to automakers, Chrysler Financial, and the Term Asset-Backed Securities Loan Facility LLC, as well as loans made under the Public-Private Investment Program, and excludes mortgages, consumer credit, and trade credit.

3. Policy loans are secured by the cash surrender value of life insurance policies issued by life insurance companies and by the federal government. In the financial accounts, all policy loans are liabilities of the households and nonprofit organizations sector.

4. Nonmarketable Treasury securities loans are debt issued for special purposes or to particular groups of investors that are not negotiable, and cannot be traded in the secondary market, therefore, in the financial accounts, they are classified as other loans and advances, not as debt securities. Nonmarketable Treasury securities include U.S. Savings Securities, State and Local Government Series, Domestic Series, Foreign Series, Rural Electrification Administration Series, Government Account Series, HOPE Bonds (securities issued for the HOPE for Homeowners program beginning in 2008), and nonmarketable securities issued to the federal government employee pension funds. U.S. Savings Securities are comprised of U.S. savings bonds, U.S. individual retirement bonds, U.S. retirement plan bonds, U.S. savings stamps, and matured U.S. savings securities. In addition, extraordinary measures used by the U.S. Treasury to temporarily suspend reinvestments in nonmarketable Treasury securities debt held by federal government pension funds, such as the Thrift Savings Plan G Fund, are also classified as loans in this category.

5. Federal Home Loan Banks (FHLB) advances are made to financial institutions that are members of the FHLB System, including captive insurance companies of the finance companies and mortgage real estate investment trusts sectors. The FHLB is included in the government-sponsored enterprises (GSE) sector, but FHLB advances are reported separately from other GSE sector loans on this table.

6. Loans from government-sponsored enterprises are loans other than FHLB advances, and other than those classified as mortgages or consumer credit (such as student loans from Sallie Mae). Included are other loans from Sallie Mae and agricultural loans from the Farm Credit System.

7. Margin accounts at brokers and dealers are classified as loans made by brokers and dealers and consist of receivables due from customers and noncustomers, which include margin loans, margin calls, and other receivables due from customers and noncustomers.

8. Cash accounts at brokers and dealers are classified as loans in the financial accounts rather than deposits. They are loans made to broker and dealers that consist of brokers and dealers' payables to customers and noncustomers, and include cash held at brokers and dealers, cash collateral, margin deposits and other payables to customers and noncustomers.

9. Clearing fund contributions to central clearing parties (CCP) ( CCPs are included in the other financial business sector) are treated as loans made by clearing members to CCPs.

10. Loans to nonfinancial corporate business are syndicated loans to nonfinancial corporate businesses from domestic entities, excluding depository institutions and finance companies that are included elsewhere.

11. Securitized loans held by issuers of asset-backed securities (ABS) are loans to nonfinancial corporate businesses originated by finance companies and U.S.-chartered depository institutions and now held by the ABS sector.

12. Finance company loans to business are loans made by finance companies to nonfinancial corporate businesses and nonfinancial noncorporate businesses.

13. Holding company loans to business are loans made by holding companies to domestic nonfinancial corporate businesses and to foreign nonfinancial businesses.

14. Other financial business loans are loans made by Federal Reserve Facility SPVs. These include loans made under the Term Asset-Backed Securities Loan Facility (TALF II) to domestic hedge funds and private equity funds (which are included in the household sector); and loans made under the Main Street Lending Facility (MSLF) to nonfinancial businesses and nonprofit organizations.

15. Foreign loans to U.S. corporate business. Loans of all types, including real estate loans, made by foreign banks to U.S. nonfinancial corporations.

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F51.1.t/F51.1.s: Corporate equities

This table was previously numbered F.224/L.224 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Corporate equities are shares of ownership in financial and nonfinancial corporate businesses. The category consists of common and preferred shares issued by domestic corporations and U.S. purchases of shares issued by foreign corporations, including shares held in the form of American depositary receipts, or ADRs. Corporate equities exclude other equity (tables F519.t and F519.s) and mutual fund shares (tables F522.1.t and F522.1.s) which are reported separately.

Issues of the nonfinancial corporate business sector include both seasoned equity offerings, or SEOs, and initial public offerings, or IPOs. Financial sector issuance is obtained mostly from individual sector balance sheets. Other financial businesses' issuance is the preferred shares issued by American International Group, Inc. to the federal government under the Troubled Asset Relief Program (TARP) and the central bank sector's preferred interest in American International Assurance Aurora LLC and American Life Insurance Company Holdings LLC. Net purchases of equities by the households and nonprofit organizations sector are calculated residually.

Net issues by the rest of the world (which include only net purchases of foreign issues by U.S. residents) and net purchases of equities by foreigners are included in this table only if they are considered "portfolio" investment; that is, if they are purchases by a single foreign investor that will result in ownership of less than 10 percent of the outstanding equity of the issuing U.S. firm. Cross-border purchases by a single investor that result in ownership of 10 percent or more of the firm's outstanding equity are considered foreign direct investment equity (shown on tables F519.1.t and F519.1.s).

The total value of corporate equities (table F51.1.s) includes the market value of the shares of all corporations, both listed on exchanges and closely held. Also included is the estimated market value of the federal government's holdings of corporate equities purchased from financial businesses under TARP and from government-sponsored enterprises. Shares traded on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ Stock Market account for much of the total value. Because equities are ownership shares and included in the net worth of corporations, they are not considered liabilities of the incorporated sectors.

Memo items show the market value of publicly traded equity as well as closely held corporate equity of S corporations and C corporations. Unlike C corporations, an S corporation is a special type of corporation that elects to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. There are a number or requirements that a corporation must meet to qualify for S corporation status.

Another memo item shows the percent change in the Dow Jones U.S. Total Market Index, an all-inclusive measure composed of all U.S. equity securities with readily available prices.

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F519.t/F519.s: Other equity

This table was previously numbered F.225/L.225 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Other equity is the sum of direct investment equity (tables F519.1.t and F519.1.s) and miscellaneous other equity (tables F519.2.t and F519.2.s). The other equity category excludes corporate equities (tables F51.1.t and F51.1.s) and mutual fund shares (tables F522.1.t and F522.1.s).

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F519.1.t/F519.1.s: Direct investment equity

This table was previously numbered F.225.a/L.225.a prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

U.S. direct investment abroad is a category of cross-border investment where a U.S. resident has control of, or a significant degree of influence on, the management of a company abroad. The U.S. resident is considered to have control if he or she owns more than 50 percent of the voting power in the direct investment enterprise. Owning between 10 and 50 percent is considered a significant degree of influence. U.S. investment in a foreign company of less than 10 percent is considered portfolio investment and is counted as a U.S. purchase of foreign corporate equities (shown on tables F89.2.t and F89.2.s). Foreign direct investment in the United States is a category of cross-border investment where a foreign resident has control of, or a significant degree of influence on, the management of a U.S. company. The 10 percent threshold that distinguishes direct investment from portfolio investment for U.S. direct investment abroad also applies to foreign direct investment in the United States.

Tables F519.1.t and F519.1.s show direct investment equity. The majority of U.S. direct investment abroad and foreign direct investment in the U.S. consist of equity-type investments. Cross-border direct investment intercompany debt is shown on tables F89.2.t and F89.2.s.

All direct investment data are shown on a directional basis.

Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.

An October 31, 2014 FEDS Note, "Measuring Direct Investment in the Financial Accounts of the United States" by Priya Punatar and Youngsuk Yook, describes this instrument category in more detail. The note is available at https://www.federalreserve.gov/econresdata/notes/feds-notes/2014/measuring-direct-investment-in-the-financial-accounts-of-the-united-states-20141031.html.

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F519.2.t/F519.2.s: Miscellaneous other equity

This table was previously numbered F.225.b/L.225.b prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Miscellaneous other equity includes equity not captured in corporate equities (tables F51.1.t and F51.1.s) or direct investment equity (tables F519.1.t and F519.1.s). These additional equity categories are explained further below.

1. Proprietors' equity in noncorporate business represents households' ownership of nonfinancial noncorporate businesses and noncorporate security brokers and dealers. For nonfinancial noncorporate businesses, investment is calculated as the difference between sources and uses of funds; for the noncorporate security brokers and dealers, data on investment are obtained directly from regulatory reports. The stock outstanding of proprietors' equity in noncorporate businesses is equal to the net worth of these companies. Proprietors' equity is reported as a financial asset on the households and nonprofit organizations table (tables S1M.t, S1M.s, S1M.b, and S1M.r).

2. Equity in the International Bank for Reconstruction and Development (part of the World Bank) and other international organizations represent the capital subscriptions of the federal government to these organizations. This series excludes the U.S. position in the International Monetary Fund, which is recorded as part of U.S. official reserve assets (shown on tables F1.t and F1.s).

3. Federal Reserve Bank stock is equity held by the U.S.-chartered depository institutions sector in the 12 Federal Reserve Banks. Under the Federal Reserve Board's Regulation I, to become a member of the Federal Reserve System, a depository institution must subscribe to stock equal to 6 percent of its capital and surplus. This stock does not carry the control and financial interest conveyed to holders of common stock; Federal Reserve stock may not be sold or pledged as collateral for loans.

4. Equity in government-sponsored enterprises is equity ownership in the Federal National Mortgage Association (Fannie Mae), the Farm Credit System, and the Federal Home Loan Banks held by other sectors. Firms that take advantage of the credit-provision programs of some of the enterprises are required to own stock in them. The federal government formerly held equity investments in the Federal Land Banks, retired in 1947; in Federal Home Loan Banks, retired in 1951; and in Banks for Cooperatives, Federal Intermediate Credit Banks, and Fannie Mae, all retired in 1968. Federal Land Banks, Banks for Cooperatives, and Federal Intermediate Credit Banks are now part of the Farm Credit System. Nonfinancial corporate businesses also held equity in Fannie Mae until 1969.

5. Holding company equity investment in affiliates is equity ownership of U.S.-chartered depository institutions, property-casualty insurance companies, life insurance companies, and security brokers and dealers.

6. Other financial business investment in affiliates involves the raising of funds in the commercial paper and corporate bond markets for foreign banking offices in the United States and security brokers and dealers.

7. Federal government investment in Federal Reserve facilities: in response to COVID-19, the U.S. Treasury made investments through the Exchange Stabilization Fund in five funding, credit and liquidity facility SPVs (CCF, MSLP, TALF, MLF, and CPFF) classified in the other financial business sector and the Money Market Mutual Fund Liquidity Facility (MMLF) in the central bank sector.

8. The equity investments under the Public-Private Investment Program (PPIP) are equal equity contributions from the federal government and private investors to the Public-Private Investment Funds (PPIFs). In the Financial Accounts, PPIFs are included in the other financial business sector. Private investors, which include financial institutions such as domestic hedge funds, are recorded as part of the household sector. Under the PPIP, the Treasury matches private equity and debt investments in the PPIFs. The funds then purchase troubled legacy assets related to the residential and commercial mortgage markets, including real estate loans held directly on the books of banks and securities backed by mortgage loan portfolios.

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F521.t/F521.s: Money market fund shares

This table was previously numbered F.206/L.206 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Money market fund (MMF) shares are obligations issued by MMFs, which are mutual funds that invest in short-term liquid assets and pay their investors dividends that reflect short-term interest rates. Like other mutual funds, MMFs are registered with the Securities and Exchange Commission and are regulated under the Investment Company Act of 1940. In addition, all MMFs must comply with rule 2a-7 of the Investment Company Act of 1940, which seeks to limit the risk of the funds. MMFs began operating in the 1970s and quickly became popular with investors because they typically pay higher interest rates than deposits. However, MMF shares are not insured by any federal agency. MMF shares may be redeemed at any time and may be used in carrying out transactions; the funds often allow shareholders to write checks, usually for a minimum amount, against individual account balances.

MMF shares are held by both institutional and retail investors. Institutional money market funds are used by businesses, pension funds, insurance companies, state and local governments, and other large-account investors. Retail money market funds are principally sold to individual investors. In the financial accounts, holdings by the sector for households and nonprofit organizations are calculated residually from total share value.

Prior to 2010:Q4, data for the sector are from the Investment Company Institute, which excludes private placements that are not registered under the Securities Act of 1933. Beginning 2010:Q4, data are from Security and Exchange Commission Form N-MFP, which is filed by registered open-end management investment companies, or series thereof, that are regulated as money market funds pursuant to rule 2a-7 under the Investment Company Act of 1940, including private placements that were previously excluded. Data for the sector are compiled from master fund net assets (cash, portfolio securities, other assets, less liabilities) and exclude a single fund of fund that invests primarily in other MMFs. Note that the expansion of MMF sector coverage associated with the change in source data results in a substantial increase in the stock of assets and shares of MMFs outstanding in 2010:Q4. Changes in the stock of assets due to changes in the data source are recorded as other volume changes in the Financial Accounts.

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F522.1.t/F522.1.s: Mutual fund shares

This table was previously numbered F.226/L.226 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Mutual fund shares are obligations issued by mutual funds, which are investment companies that are registered with the Securities and Exchange Commission and regulated under the Investment Company Act of 1940. Mutual funds are "open end" investment companies; that is, they are permitted to issue an unlimited number of shares and are required by law to redeem the shares at the net asset value (NAV). The NAV of each share of a mutual fund reflects the market value of the fund's holdings less any expenses charged by the fund.

The mutual fund shares category excludes money market fund shares (shown on tables F521.t and F521.s). Mutual fund shares are also distinct from corporate equities (shown on F51.1.t and F51.1.s) and other equities (tables F519.t and F519.s). Although some mutual funds invest in corporate equities, mutual funds' holdings of equities are not double counted.

Mutual fund share values are determined by the market value of the underlying assets held by the funds. Mutual fund shares held by households and nonprofit organizations are calculated residually from total mutual fund shares outstanding.

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F6.1.t/F6.1.s: Life insurance reserves

This table was previously numbered F.228/L.228 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Life insurance reserves are funds that have been set aside to back claims against policies issued. Life insurance reserves are assets of the households and nonprofit organizations, U.S.-chartered depository institutions, and holding companies sectors and liabilities of life insurance companies and the federal government. In the financial accounts, the liability of private life insurance companies for life insurance reserves is equal to the sum of reserves for life insurance policies and reserves for supplementary contracts; the liability does not include reserves for annuities, health insurance, or policy dividend accumulations. The liability of the federal government is equal to the total assets of several U.S. government life insurance funds.

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F6.2.t/F6.2.s: Pension entitlements

This table was previously numbered F.229/L.229 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Pension entitlements are the annuities at life insurance companies and the actuarial liabilities of private pension funds, state and local government employee pension funds, and federal government employee pension funds. All pension entitlements are assets of the households and nonprofit organizations sector. Pension entitlements include the liabilities of both defined contribution and defined benefit pension funds. For defined contribution pension funds, pension entitlements are equal to the assets held by the pension fund. For defined benefit pension funds, pension entitlements are equal to the present value of benefits that households have accrued, regardless of the funding status of the pension fund.

The federal government defined benefit pension funds include the civil service retirement and disability fund, the Railroad Retirement Board, the judicial retirement fund, the military retirement fund, and the foreign service retirement and disability fund. The civil service retirement fund covers the Civil Service Retirement System (CSRS)--a defined benefit plan covering federal employees hired before 1984--and the Federal Employees Retirement System (FERS)--a defined benefit plan, supplemental to Social Security, for federal employees hired after 1983 and for employees formerly covered by CSRS who elected to join FERS. Federal government pension entitlements do not include the Social Security system.

The federal government defined contribution pension funds include the FERS Thrift Savings Plan and the National Railroad Retirement Investment Trust.

Individual retirement accounts (IRAs) and Keogh accounts are shown as memo items. IRAs that are invested in annuities are included in life insurance company pension entitlements liability but IRAs at depositories, money market funds, mutual funds, and other self-directed accounts are not included with pension entitlements.

For background information on actuarial liabilities of defined benefit pension funds, see Marshall Reinsdorf and David Lenze (2009), "Defined Benefit Pensions and Household Income and Wealth," Bureau of Economic Analysis, Survey of Current Business, August, pp. 50-62, https://apps.bea.gov/scb/pdf/2009/08%20August/0806_benefits.pdf.

For life insurance companies, the liability is equal to policy reserves supporting individual and group annuities, excluding unallocated insurance contracts sold to pension funds. The unallocated contracts are miscellaneous liabilities of insurance companies and miscellaneous assets of pension funds, with corresponding obligation to future retirees recorded as a pension entitlement liability of the pension sector. Over time, these contracts are allocated to individual retirees, at which point they are no longer recorded as miscellaneous assets and liabilities, and the pension entitlement liability is transferred to the life insurance sector.

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F81.t/F81.s: Trade credit

This table was previously numbered F.230/L.230 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Trade credit and trade debt are accounts receivable and payable arising from the sale of business-related goods and services. The nonfinancial business sectors are both the largest borrowers and lenders of trade credit. Transactions by the government sectors are also significant in this instrument category. The government sectors extend trade credit in the form of prepayments to business firms for items not yet delivered. Trade payables of the sector for households and nonprofit organizations are only attributable to nonprofit organizations; balances on retail charge accounts are considered consumer credit (included on tables F4.3.t and F4.3.s).

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F89.1.t/F89.1.s: Taxes payable by businesses

This table was previously numbered F.231/L.231 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Taxes payable by businesses are taxes owed by the business sectors to federal, state, and local governments. Business sectors consist of nonfinancial and financial corporate companies and noncorporate entities. The corresponding asset for governments is taxes receivable. Taxes payable transactions are estimated as the difference from one period to the next in taxes payable reported on the balance sheets of individual sectors. Taxes receivable transactions are estimated as the difference between taxes accrued, as reported in the national income and product accounts (NIPA), and taxes received, as reported by governments. The discrepancy for this financial instrument category is the difference between taxes payable and taxes receivable; it reflects timing and reporting differences, measurement errors, and differences in estimation procedures.

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F89.2.t/F89.2.s: Direct investment intercompany debt

This table was previously numbered F.223/L.223 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

U.S. direct investment abroad is a category of cross-border investment where a U.S. resident has control of, or a significant degree of influence on, the management of a company abroad. The U.S. resident is considered to have control if he or she owns more than 50 percent of the voting power in the direct investment enterprise. Owning between 10 and 50 percent is considered a significant degree of influence. U.S. investment in a foreign company of less than 10 percent is considered portfolio investment and is counted as a U.S. purchase of foreign corporate equities (shown on tables F89.2.t and F89.2.s). Foreign direct investment in the United States is a category of cross-border investment where a foreign resident has control of, or a significant degree of influence on, the management of a U.S. company. The 10 percent threshold that distinguishes direct investment from portfolio investment for U.S. direct investment abroad also applies to foreign direct investment in the United States.

While the majority of U.S. direct investment abroad and foreign direct investment in the U.S. consists of equity-type investments, this category also includes cross-border intercompany lending (direct investment debt positions between affiliated enterprises). Tables F89.2.t and F89.2.s show intercompany lending. The equity and reinvested earnings detail for U.S. direct investment abroad and foreign direct investment is shown on tables F519.1.t and F519.1.s.

All direct investment data are shown on a directional basis.

Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.

An October 31, 2014 FEDS Note, "Measuring Direct Investment in the Financial Accounts of the United States" by Priya Punatar and Youngsuk Yook, describes this instrument category in more detail. The note is available at https://www.federalreserve.gov/econresdata/notes/feds-notes/2014/measuring-direct-investment-in-the-financial-accounts-of-the-united-states-20141031.html.

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F89.3.t/F89.3.s: Total miscellaneous financial claims

This table was previously numbered F.232/L.232 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Total miscellaneous financial claims are the sum of identified miscellaneous financial claims (tables F89.3a.t and F89.3a.s and tables F89.3b.t and F89.3b.s) and unidentified miscellaneous financial claims (tables F89.3c.t and F89.3c.s).

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F89.3a.t/F89.3a.s: Identified miscellaneous financial claims - part I

This table was previously numbered F.233/L.233 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Identified miscellaneous claims include an assortment of asset and liability instruments. Part I includes assets and liabilities that are other accounts payable, and receivable not elsewhere captured in the Financial Accounts. These categories are explained further below.

1. Holding company other investment in affiliates is nonequity investment in U.S.-chartered depository institutions, property-casualty insurance companies, life insurance companies, finance companies, security brokers and dealers, and foreign affiliates (rest of world sector).

2. Holding company balances due to affiliates are liabilities of holding companies to affiliated U.S.-chartered depository institutions, property-casualty insurance companies, life insurance companies, finance companies, security brokers and dealers, and foreign affiliates (rest of world sector)

3. Nonfinancial corporation investment in finance company affiliates is nonequity investment by parent companies in finance company affiliates. Among the companies included are "captive" subsidiaries of motor vehicle manufacturers and the credit subsidiaries of major retailers.

4. Securities brokers and dealers' payables include both broker dealer payables (liabilities) and receivables (assets) from other securities brokers and dealers or the other financial business sector. Positions between securities brokers and dealers may include some foreign brokers and dealers due to source data limitations.

5. Beginning 2020:Q2, Paycheck Protection Program (PPP) payable liabilities of the federal government and PPP receivable assets of the household and nonprofit organizations, nonfinancial corporate business, nonfinancial noncorporate business, and finance companies sectors are included to align with the Bureau of Economic Analysis' NIPA accrual treatment of PPP loan forgiveness subsidies to businesses and current transfers to nonprofit institutions serving households (NPISH).

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F89.3b.t/F89.3b.s: Identified miscellaneous financial claims - part II

This table was previously numbered F.234/L.234 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Identified miscellaneous claims include an assortment of asset and liability instruments. Part II includes items that individually appear on the balance sheets of only a few sectors and are therefore not treated as separate instrument categories. Items 1 and 2 include certificates related to U.S. official reserves between the Treasury and Federal Reserve System. Items 4 through 7 include insurance company related instruments. Items 8 through 10 include pension related instruments.

1. Gold certificates are issued to Federal Reserve Banks by the Treasury when it monetizes monetary gold. While monetary gold is shown at market value in the financial accounts (table F1.s), consistent with international standards, gold certificates are denominated in dollars and their value is based on the statutory price for gold at the time the certificates are issued. The statutory price of gold was set in 1973 at $42.2222 per fine troy ounce.

2. Special drawing rights (SDRs) are international monetary reserves issued to member countries by the International Monetary Fund (IMF). SDR certificates are issued to Federal Reserve Banks by the Treasury when it monetizes the special drawing rights themselves. The first allocation of SDRs to the United States took place in 1970, and the first issue of SDR certificates was made the same year.

3. Funding agreements backing securities are deposit-type insurance contracts purchased by issuers of asset-backed securities (ABS) from life insurance companies. These funding agreements are used as collateral for new funding agreement-backed securities (FABS) issued by the ABS issuers. In the Financial Accounts, only funding agreements that back FABS issued domestically are separately identified. Funding agreements purchased by foreign special purpose vehicles are included in foreign direct investment in the U.S.

4. Deferred and unpaid life insurance premiums are the assets reported by life insurance companies as deferred and uncollected premiums. They are a liability of the sector for households and nonprofit organizations.

5. Other reserves at life insurance companies are reserves set aside by life insurance companies, other than life insurance or pension fund reserves, to cover accident and health policies, policyholders' dividend and coupon accumulations and dividends, and contract claims. These liabilities are assets of households and nonprofit organizations.

6. Policy payables are liabilities of property-casualty insurance companies for unearned premium reserves, reserves for incurred claims, and reserves for loss-adjustment expenses. These liabilities are assets of the sectors for households and nonprofit organizations, nonfinancial corporate business and nonfinancial noncorporate business.

7. Unallocated insurance contracts are annuities and guaranteed investment contracts sold by life insurance companies to pension funds. They are miscellaneous liabilities of insurance companies and miscellaneous assets of pension funds, with corresponding obligation to future retirees recorded as a pension entitlement liability of the pension sector. Over time, these contracts are allocated to individual retirees, at which point they are no longer recorded as miscellaneous assets and liabilities, and the pension entitlement liability is transferred to the life insurance sector.

8. Pension fund contributions payable are employer contributions due to pension funds by the nonfinancial corporate business sector.

9. Retiree health-care funds include the Uniform Services Retiree Health Care Fund and the Postal Service Retiree Health Benefits Fund, which are liabilities of the federal government sector and assets of the household and nonprofit sector for retiree health-care benefits.

10. Claims of pension funds on sponsor are the unfunded portion of the private pension funds, federal government pension funds, and the state and local government pension funds. These represent claims the pension funds have on the nonfinancial corporate business, federal government, and state and local government sponsors of the funds.

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F89.3c.t/F89.3c.s: Unidentified miscellaneous financial claims

This table was previously numbered F.235/L.235 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

For many sectors, unidentified miscellaneous financial claims are determined indirectly as the residual after the individual "identified" asset or liability items for the sector (which appear on other instrument tables) have been subtracted from the sector's total assets or liabilities. For other sectors, the amount of such claims is obtained directly as the total amount reported by original sources as "other" assets or liabilities.

In most cases, the nature of the items in this category is truly unidentified. In some cases, however, items that are identified separately in original documents are included here because the items are not significant enough from an analytical viewpoint to be classified as individual transaction categories.

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S0.t: Sector discrepancies

This table was previously numbered F.7 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

This table presents the discrepancies for all sectors in the accounts for which a discrepancy is shown. A sector discrepancy is the difference between a particular sector's gross saving less net capital transfers paid and its gross investment. It is also equal to the difference between a sector's total sources of funds (nonfinancial sources, or saving out of income, plus liabilities and equity) and its total uses of funds (acquisition of tangible and financial assets); as a balancing item, a discrepancy is considered a use of funds.

A discrepancy may arise from differences in the timing or reporting of data obtained from various sources, measurement errors, or other inconsistencies. It is often viewed as an indicator of the quality or completeness of the data. However, the existence of discrepancies is generally seen as inevitable in the preparation of aggregate economic data. Frequently, large quarterly movements in discrepancies cancel out when the data are presented on an annual basis. The total sector discrepancy equals the total instrument discrepancy, shown on table F0.t.

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F0.t: Instrument discrepancies

This table was previously numbered F.8 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

This table presents the discrepancies for all instruments in the accounts for which a discrepancy is shown. An instrument discrepancy is the difference between the total borrowing of funds by all sectors through a particular financial instrument and the total lending of funds through the same instrument. It is considered a use of funds that balances total borrowing and total lending.

A discrepancy is shown for the following financial instruments: Treasury currency, foreign deposits, net interbank transactions, federal funds and security repurchase agreements, mail floats, trade credit, taxes payable, and miscellaneous items. Also shown is the nonfinancial discrepancy, which consists of the statistical discrepancy from the national income and product accounts, private wage accruals less disbursements, and contributions for government social insurance from U.S. affiliated areas. No discrepancies exist for financial instruments not listed earlier in this paragraph, because one sector is assumed to be the residual lender (often the households and nonprofit organizations sector) or borrower.

A discrepancy may arise from differences in the timing or reporting of data obtained from various sources, measurement errors, or other inconsistencies, and is often viewed as an indicator of the quality or completeness of the data. The existence of discrepancies, however, is generally seen as inevitable in the preparation of aggregate economic data. Frequently, large quarterly movements in discrepancies cancel out when the data are presented on an annual basis. The total instrument discrepancy equals the total sector discrepancy, as shown on table S0.t.

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• Financial Accounts Guide
• Enhanced Financial Accounts
• Federal Reserve Economic Data