Board of Governors of the Federal Reserve System

Beginning 2021:Q4, stocks outstanding from SEC tabulation of submissions of FOCUS reports, Schedule 1 - Aggregate securities, commodities, and swaps positions, short/sold, securities issued by states and political subdivisions (series F8221). From 2013:Q2 to 2021:Q3, stocks outstanding from securities brokers and dealers total securities sold short (FL664160000) multiplied by the average stocks outstanding from SEC tabulation of submissions of FOCUS reports, Schedule 1 - Aggregate securities, commodities, and swaps positions, short/sold, securities issued by states and political subdivisions (series F8221) over 2021:Q4 to 2022:Q3. Revaluations are estimated based on the percent change in the Merrill Lynch Municipal Master par weighted price index applied to the previous quarter's stocks outstanding. Unadjusted transactions are the change in stocks outstanding less estimated capital gains, less any other changes in volume. Data for the most recent ten years show no significant seasonality.