Board of Governors of the Federal Reserve System

M3.t/M3.t.c: Financial accounts matrix--transactions

All other tables in the financial accounts use a time-series format for presenting data. This matrix table shows an alternative format, consisting of sector columns and instrument rows with data for one period. The data shown here also appear in the sector and instrument tables. For each sector, the matrix contains one column for uses of funds and one column for sources of funds, and the two columns must sum separately to the same total. For each row, the total of sources must equal the total of uses. The sector and instrument discrepancies are considered uses of funds. This matrix displays financial accounts transactions information. The columns presented on this table include sectors for households and nonprofit organizations, total nonfinancial business, state and local governments, federal government, a total for the domestic nonfinancial sectors, a combined financial sector, the rest of the world sector, and a total for all sectors (both domestic and foreign). The rows presented on this table include details on gross saving, capital expenditures, net lending (+) or net borrowing (-), total financial assets, total liabilities and equity, and sector discrepancies.

Presenting the accounts in matrix form highlights the fact that for financial transactions, one sector's sources of funds are other sectors' uses, and vice versa. The total amounts shown in all the source or use columns must equal the total amounts shown in all the rows.

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M3.s/M3.s.c: Financial accounts matrix--stocks

All other tables in the financial accounts use a time-series format for presenting data. This matrix table shows an alternative format, consisting of sector columns and instrument rows with data for one period. The data shown here also appear in the sector and instrument tables. For each sector, the matrix contains one column for assets and one column for liabilities. The columns presented on this table include sectors for households and nonprofit organizations, total nonfinancial business, state and local governments, federal government, a total for the domestic nonfinancial sectors, a combined financial sector, the rest of the world sector, and a total for all sectors (both domestic and foreign). The last column of the table reports the discrepancy for stocks outstanding for each instrument and is calculated as all sector liabilities less all sector assets. The rows presented on this table include details on total financial assets, and total liabilities and equity.

Presenting the accounts in matrix form highlights the fact that for financial transactions, one sector's sources of funds are other sectors' uses, and vice versa. The total amounts shown in all the source or use columns must equal the total amounts shown in all the rows.

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D3.g: Debt growth by sector

This table was previously numbered D.1 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 shows debt growth by sector. Domestic nonfinancial sectors include households and nonprofit organizations, nonfinancial business (corporate business is also shown separately), state and local governments, and the federal government. In addition, total debt growth of the domestic financial and foreign sectors is shown. The domestic financial sectors that issue debt include private depository institutions; life insurance companies; government-sponsored enterprises (GSEs); agency- and GSE-backed mortgage pools; issuers of asset-backed securities; finance companies; mortgage real estate investment trusts (mREITs); security brokers and dealers; holding companies; and other financial business. Foreign debt growth represents amounts held by foreign financial and nonfinancial entities in U.S. markets only.

Debt includes debt securities (open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds) and loans (depository institution loans not elsewhere classified (n.e.c.), other loans and advances, mortgages, and consumer credit). Households' consumer credit and one-to-four-family residential mortgage debt growth are shown separately on this table. Other forms of borrowing by the household and nonprofit organizations sector, which include municipal securities, depository institution loans n.e.c., other loans and advances, and commercial mortgages, are not shown separately from the total in this table.

Growth rates are calculated by dividing transactions at a seasonally adjusted rate from table D3.t by seasonally adjusted stocks outstanding at the end of the previous period from table D3.s. Seasonally adjusted stocks outstanding in financial accounts statistics are derived by carrying forward year-end stocks outstanding by seasonally adjusted transactions. Growth rates calculated from changes in unadjusted stocks outstanding can differ from those in table D3.g.

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D3.t/D3.s: Borrowing by sector

This table was previously numbered D.2/D.3 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 shows borrowing by sector at seasonally adjusted annual rates. Domestic nonfinancial sectors include households and nonprofit organizations, nonfinancial business (corporate business also shown separately), state and local governments, and the federal government. Total borrowing by the domestic financial and foreign sectors is also shown. Domestic financial sectors include private depository institutions; life insurance companies; government-sponsored enterprises (GSEs); agency- and GSE-backed mortgage pools; issuers of asset-backed securities; finance companies; mortgage real estate investment trusts (mREITs); security brokers and dealers; holding companies; and other financial business (detail available on table NB5.t). Foreign borrowing represents amounts borrowed by foreign financial and nonfinancial entities in U.S. markets only.

Borrowing includes funds obtained through issuing debt securities (open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds) or obtaining loans (depository institution loans not elsewhere classified (n.e.c.), other loans and advances, mortgages, and consumer credit). Households' consumer credit and one-to-four-family residential mortgage borrowing are shown separately on this table. Other households and nonprofit organizations' borrowing instruments, which include municipal securities, depository institution loans n.e.c., other loans and advances, and commercial mortgages, are not shown separately.

Borrowing shown on D3.t is different from net lending (+) or net borrowing (-) shown on individual sector tables and in the matrix, which is defined as the net acquisition of financial assets less the net increase in liabilities.

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S1.b: Derivation of U.S. Net wealth

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

The Derivation of U.S. Net Wealth table shows the market value of tangible assets controlled by the household, noncorporate business, and government sectors of the U.S. economy, adding in the market value of equity for nonfinancial and financial corporations, and netting the financial position vis-a-vis the rest of the world.

Financial assets are not included in the calculation of net national wealth since their positions net to zero across all U.S. sectors and the rest of the world.

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