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Board of Governors of the Federal Reserve System

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system.

Preliminary Release Highlights First Quarter 2026

Topic	Description
Z.1 release tables renumbered	*Preliminary -- subject to change* Effective with this release, all Z.1 Financial Accounts of the United States release tables have been renumbered to more closely align with the System of National Accounts (SNA) classification hierarchies for sectors and instruments. Previously, tables used a sequential numeric system. The new numbering system utilizes recommended SNA alphanumeric codes (for example, table F.133 is now S2.t, and table L.133 is now S2.s). Adoption of the SNA table structure enhances the international comparability of the U.S. Financial Accounts and provides flexibility for future additions or removals of sectors or instruments. A CSV file with a complete table mapping of the previous table numbers to the new numbering system and a technical Q&A that provides additional details on the numbering system are available on the Z.1 Financial Accounts release page (https://www.federalreserve.gov/releases/z1/).
Federal funds and security repurchase agreements	*Preliminary -- subject to change* The Federal funds and security repurchase agreements instrument (tables F4.1.t and F4.1.s) has been reclassified as a subcategory of total loans (tables F4.t and F4.s). Previously, federal funds and security repurchase agreements were classified as a separate, top-level instrument category.
Direct investment intercompany debt	*Preliminary -- subject to change* The direct investment intercompany debt instrument category (tables F89.2.t and F89.2.s) has been reordered within the financial accounts and is now grouped with taxes and miscellaneous assets. In the Integrated Macroeconomic Accounts (IMA) and international data submissions, direct investment intercompany debt has been reclassified from a subcategory of loans to a subcategory of other accounts payable excluding trade credit. This reclassification applies only to the IMA and international submissions; in the financial accounts, direct investment intercompany debt has been consistently classified as a separate instrument category.
Z.1 tables reordered	*Preliminary -- subject to change* The new table numbering system has changed the order of some tables within the release. The life insurance companies (tables S1281.t, S1281.s and subsectors), property-casualty insurance companies (tables S1282.1.t and S1282.1.s), and private and public pension fund sectors (tables S129.t, S129.s and subsectors) have been moved toward the end of the domestic sectors tables. Money market fund shares (tables F521.t and F521.s) have been moved to precede mutual fund shares (tables F522.1.t and F522.1.s). The tables Derivation of measures of personal saving (S1P.t) and Assets and liabilities of the personal sector (S1P.s) have been moved from the summary section to the supplementary section. In the IMA, nonfinancial corporate business (table S11.1.i.a) now precedes nonfinancial noncorporate business (table S11.2.i.a).
Terminology change: Levels to stocks outstanding	*Preliminary -- subject to change* The terminology “levels” previously used to describe amounts outstanding of assets and liabilities at the end of the period has been replaced with “stocks outstanding” throughout the financial accounts. This change aligns with standard macroeconomic accounting terminology and affects table titles, series descriptions, and accompanying documentation.
Terminology change: Monetary authority to central bank	*Preliminary -- subject to change* The monetary authority sector has been renamed the central bank sector to align with SNA guidelines. The activities, assets, and liabilities of the central bank sector (tables S121.t and S121.s) exclude certain functions that would be consolidated within a monetary authority sector as defined by the SNA. These functions are performed by the federal government in the United States and are therefore recorded in the federal government sector in both the financial accounts and the National Income and Product Accounts (NIPA) produced by the Bureau of Economic Analysis (BEA).
Discontinued tables	*Preliminary -- subject to change* Several tables featuring data from the BEA’s NIPA and Fixed Asset Accounts have been discontinued. The discontinued tables include: Distribution of gross domestic product (previously F.2), Distribution of national income (previously F.3), Saving and investment by sector (previously F.4), Net capital transfers (previously F.5), Gross fixed investment (previously F.4.g), Consumption of fixed capital (previously F.4.c), Net fixed investment (previously F.4.f), and Net stocks of fixed assets, current cost (previously L.4.s). All data series from these tables will continue to be updated and will remain available for download from the Federal Reserve Board’s website.
Financial Accounts Guide Tables webpage discontinued	*Preliminary -- subject to change* The Financial Accounts Guide Tables webpage and associated HTML tables have been discontinued. HTML tables with direct links to Series Analyzer entries (data series documentation) and table descriptions are now available on the Z.1 Financial Accounts release page (https://www.federalreserve.gov/releases/z1/).

Last Update: May 22, 2026