Release Highlights

With each Z.1 release, major data and structural revisions are highlighted at the beginning of the publication. This page consolidates these highlights in a searchable format for all releases beginning with 2004q1.


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400 entries in Financial Accounts Release Highlights

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Date Highlights Count
2019q4Household Balance Sheet and Changes in Net Worth data visualizations: Household Balance Sheet and Changes in Net Worth data visualizations added detail on directly and indirectly held debt securities. These data can be found at https://www.federalreserve.gov/releases/z1/dataviz/z1/balance _sheet/chart/1
2019q4Total mortgages instrument table: The format of the total mortgages instrument tables (tables F.217 and L.217) has changed, and now includes additional detail on holdings of institutions that compose the federal government, government-sponsored enterprises, and agencyand GSE-backed mortgage pools sectors. This expansion 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/default.htm. In addition, home mortgages have been renamed one-to-four-family residential mortgages.2
2019q4State and local governments sector: Transactions of debt securities held by state and local governments (table F.107) have been revised beginning 2003:Q2 to remove holding gains and losses. Levels were already reported at market value.3
2019q4Security brokers and dealers: Transactions of debt securities held by security brokers and dealers (table F.130) have been revised beginning 2000:Q1 to remove holding gains and losses. Levels were already reported at market value.4
2019q4Closely held equity: Closely held equity of the nonfinancial corporate business sector (L.223, line 5) and financial corporations (L.223, line 8) has been revised beginning 1996:Q4 due to a change in underlying source data.5
2019q3Distributional Financial Accounts - additional breakdowns: Additional breakdowns for the level and share of aggregate household wealth by income, age, generation, education, and race were added to the Distributional Financial Accounts (DFA) on September 27, 2019. These data can be found at https://www.federalreserve.gov/releases/efa/efa-distributionalfinancial-accounts.htm.6
2019q3Restructure of net worth tables: Tables showing changes in net worth for households and nonprofit organizations (R.101), nonfinancial corporate business (R.103), and nonfinancial noncorporate business (R.104) have been restructured to show additional detail for net investment and to group net holding gains by balance sheet classification.7
2019q3Methodology change for equity foreign direct investment: Total liabilities of several financial sectors were revised upward due to a correction in the treatment of the equity portion of foreign direct investment. The following sectors were affected: property-casualty insurance companies (tables F.115 and L.115); life insurance companies (tables F.116 and L.116); finance companies (tables F.128 and L.128); security brokers and dealers (tables F.130 and L.130); and holding companies (tables F.131 and L.131).8
2019q3International Data Submissions webpage updated: The "International Data Submissions" webpage in the Financial Accounts Guide has been updated. HTML tables for "Template 1.1: Debt Securities Issues by Sector, Currency, Maturity, Interest Rate and Market of Issuance" and "Table on Social Insurance Pension Schemes (T2900)" are now available.9
2019q2Measure of owner-occupied residential real estate: Household owner-occupied real estate (table B.101) has been revised reflecting a new data source and methodology from 2001:Q1 forward. More information is available in the accompanying FEDS working paper, "Measuring Aggregate Housing Wealth: New Insights from Machine Learning," (Joshua H. Gallin, Raven Molloy, Eric Nielsen, Paul Smith, and Kamila Sommer).10
2019q2Nonfinancial corporate sector revision: The nonfinancial corporate sector (tables F.103, L.103, B.103, and R.103) has been revised from 2010:Q1 forward based on improved methodology using data from the IRS Statistics of Income and Census Quarterly Financial Report.11
2019q2Direct investment at market value: Direct investment (table L.230) is now reported at market value beginning in 1982:Q1. Previous current cost values remain available as memo items.12
2019q2Other financial business sector: The sector formerly named "funding corporations" was renamed "other financial business" (tables F.132 and L.132) to reflect its broad scope, which includes funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program.13
2019q2Private pension benchmark: Assets of the private pension fund sector (tables F.118, F.118.b, F.118.c, L.118, L.118.b, and L.118.c) have been revised beginning in 2016:Q1 to reflect updated 2016 data and new data for plan year 2017 from U.S. Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500.14
2019q2National Income and Product Accounts comprehensive update: The statistics in this publication reflect the 2019 comprehensive update of the National Income and Product Accounts (NIPAs) released by the Bureau of Economic Analysis (BEA) on July 26, 2019, as well as information for 2019:Q2 released by BEA on August 29, 2019. See the September 2019 issue of the Survey of Current Business at https://apps.bea.gov/scb/ for details on the 2019 comprehensive update. Major changes related to the Financial Accounts of the United States are described in some of the items below.15
2019q2Fixed assets annual benchmark: Investment, depreciation, and capital stock data for all private sectors have been revised beginning in 2014:Q1 to reflect updated annual estimates of fixed assets from BEA.16
2019q2Rest of the world sector: The rest of the world sector (tables F.133 and L.133) has been revised to reflect new data for the U.S. international transactions accounts and the U.S. international investment positions accounts released by BEA from 2016:Q1 forward. BEA's changes are detailed in the July 2019 issue of the Survey of Current Business.17
2019q2Collateralized loan obligations: Additional detail on collateralized loan obligation (CLO) assets and liabilities of the rest of the world (table L.133) is now shown on two new line items, one for U.S. loans held by rest-of-world CLOs and the other showing U.S. holdings of rest-of-world CLO securities. More information is available in the forthcoming FEDS Note, "Collateralized Loan Obligations in the Financial Accounts of the United States" (Matthew Guse, Woojung Park, Zack Saravay, and Youngsuk Yook).18
2019q2Seasonal adjustment: Seasonal factors for quarterly transactions have been recalculated from 2009:Q1 forward. Seasonal factors are generated using the X-13-ARIMA seasonal adjustment program from the U.S. Census Bureau.19
2019q2Table T2900 added to International Data Submissions page: The "International Data Submissions" webpage of the Financial Accounts Guide includes a new annual Table on Social Insurance Pension Schemes (T2900) and SDMX file, as required by the International Monetary Fund (IMF).20
2019q2G20 DGI-2 recommendation 7 template 1.1 added to the International Data Submissions page: The "International Data Submissions" webpage of the Financial Accounts Guide includes a new quarterly table "Template 1.1: Debt Securities Issues by Sector, Currency, Maturity, Interest Rate and Market of Issuance" and SDMX file fulfilling a goal of the Second Phase of the G20 Data Gaps Initiative (DGI-2) recommendation 7 for submission to the Bank of International Settlements (BIS).21
2019q1New Enhanced Financial Accounts project: A new Enhanced Financial Accounts (EFA) project, the Distributional Financial Accounts (DFA), has been added to our EFA page at https://www.federalreserve.gov/releases/efa/enhanced-financialaccounts.htm. More information about the DFA is available in the accompanying FEDS working paper, "Introducing the Distributional Financial Accounts of the United States," (Michael Batty, Jesse Bricker, Joseph Briggs, Elizabeth Holmquist, Susan McIntosh, Kevin Moore, Eric Nielsen, Sarah Reber, Molly Shatto, Kamila Sommer, Tom Sweeney, and Alice Henriques Volz) and data visualization.22
2019q1Indirectly held debt securities on table B.101.e: Table B.101.e has been renamed, "Balance Sheet of Households and Nonprofit Organizations with Debt and Equity Holdings Detail," and has been expanded to show households' indirect holdings of debt securities at market value.23
2019q1Debt securities held by the monetary authority are now reported at market value: Treasury and agency- and GSE-backed securities held by the monetary authority (table L.109) are now reported at market value beginning in 2012:Q1.24
2019q1Rest of the world financial derivative holdings: The rest of the world's holdings of financial derivatives with gross positive and negative fair values are now shown as memo items on table L.133. Financial derivatives are not included in the Financial Accounts' measure of rest of the world financial assets and liabilities, but are included in the International Investment Position release of the Bureau of Economic Analysis.25
2019q1Nonfinancial corporate business benchmark: Data of the nonfinancial corporate business sector (tables F.103, L.103, B.103, and R.103) have been revised from 2017:Q1 forward to reflect new data from the Internal Revenue Service Statistics of Income for 2017.26
2019q1Nonfinancial noncorporate business benchmark: Data for the nonfinancial noncorporate business sector (tables F.104, L.104, B.104, and R.104) have been revised from 2016:Q1 forward to reflect new data from the Internal Revenue Service Statistics of Income for 2016.27
2018q4Level discrepancies series for debt securities: New level discrepancy series have been added to the Treasury securities (table L.210), agency- and GSE-backed securities (table L.211), municipal securities (table L.212), and corporate and foreign bonds (table L.213) instrument tables. These discrepancies are calculated as the difference between total liabilities, which are mostly recorded at book value, and total assets, which are mostly recorded at market value. Previously, these differences were included in the residually calculated holdings of the household and nonprofit organizations sector.28
2018q4Household and nonprofit organizations' holdings of debt securities reported at market value: Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds held by households and nonprofit organizations (tables L.101, B.101, R.101, and B.101.h) are now reported at market value beginning in 1996:Q4. Holding gains and losses on these securities are estimated using market price indexes; transactions continue to be calculated residually.29
2018q4Debt securities held by private depository institutions and holding companies are now reported at market value: Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds held by U.S.-chartered depository institutions (table L.111) are now reported at market value beginning in 2012:Q1. Also, net purchases of these debt securities by foreign banking offices in U.S. (table F.112), banks in U.S.-affiliated areas (table F.113), credit unions (table F.114), and holding companies (table F.131) have been revised beginning 2012:Q1 to remove holding gains and losses from their transactions. Holdings for these four sectors were already reported at market value.30
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