Financial Accounts of the United States - Z.1
F.208 Debt Securities (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates| Description | Series code | 2021 | 2022 | 2023 | 2024 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| All sectors; total debt securities; liability | FA894122005 | 3136.8 | 2738.0 | 3203.3 | 3023.6 | 3038.7 | 2760.9 | 4001.2 | 2293.7 | 2537.6 | 1 |
| All sectors; open market paper; liability | FA893169175 | 27.3 | 151.9 | 15.8 | -8.2 | 41.1 | -52.7 | 82.9 | -104.1 | 357.4 | 2 |
| Federal government; Treasury securities; liability | FA313161105 | 1611.4 | 1287.4 | 2381.6 | 1912.9 | 1689.4 | 1639.7 | 2164.8 | 2157.7 | 533.8 | 3 |
| All sectors; U.S. government agency securities; liability | FA893161705 | 612.5 | 979.4 | 297.4 | 298.6 | 100.8 | 206.7 | 401.3 | 485.6 | 188.5 | 4 |
| Domestic nonfinancial sectors; municipal securities; liability | FA383162005 | 81.9 | -50.8 | 23.2 | 118.6 | 136.5 | 240.9 | 166.5 | -69.7 | 185.9 | 5 |
| All sectors; corporate and foreign bonds; liability | FA893163005 | 803.8 | 370.0 | 485.2 | 701.7 | 1070.9 | 726.2 | 1185.6 | -175.8 | 1272.0 | 6 |
| All sectors; total debt securities; liability | FA894122005 | 3136.8 | 2738.0 | 3203.3 | 3023.6 | 3038.7 | 2760.9 | 4001.2 | 2293.7 | 2537.6 | 7 |
| Domestic nonfinancial sectors; debt securities; liability | FA384122005 | 1932.8 | 1314.4 | 2632.5 | 2283.6 | 2348.6 | 2145.0 | 2639.8 | 2001.1 | 1310.9 | 8 |
| Nonprofit organizations; municipal securities; liability (2) | FA163162003 | -1.0 | -0.9 | 2.2 | 8.1 | 9.7 | 14.3 | 7.1 | 1.5 | 7.3 | 9 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 251.7 | 78.6 | 225.9 | 264.8 | 550.5 | 291.8 | 329.8 | -112.7 | 623.6 | 10 |
| Federal government; debt securities; liability | FA314122005 | 1611.0 | 1287.5 | 2382.0 | 1913.2 | 1688.4 | 1640.8 | 2165.0 | 2158.5 | 534.7 | 11 |
| State and local governments; municipal securities; liability | FA213162005 | 71.1 | -50.7 | 22.3 | 97.5 | 100.0 | 198.1 | 137.9 | -46.2 | 145.3 | 12 |
| Domestic financial sectors; debt securities; liability | FA794122005 | 721.6 | 1251.3 | 506.6 | 541.4 | 373.5 | 243.1 | 1292.4 | 256.4 | 840.8 | 13 |
| U.S.-chartered depository institutions; debt securities; liability | FA764122005 | -125.1 | 134.8 | 1.5 | -29.9 | -26.5 | -21.4 | 57.2 | -128.9 | 92.9 | 14 |
| Foreign banking offices in the U.S.; open market paper; liability | FA753169175 | -11.5 | 53.0 | 41.3 | 26.6 | 21.8 | 23.1 | 37.4 | 24.1 | -37.6 | 15 |
| Government-sponsored enterprises; GSE issues; liability | FA403161705 | 539.4 | 793.3 | 114.3 | 124.4 | -59.5 | 22.6 | 223.8 | 310.8 | 35.6 | 16 |
| Agency-and GSE-backed mortgage pools; total mortgages; asset | FA413065005 | 73.5 | 186.1 | 182.7 | 173.9 | 161.2 | 183.0 | 177.4 | 174.1 | 151.9 | 17 |
| Issuers of asset-backed securities; debt securities; liability | FA674122005 | 166.0 | 82.4 | 43.6 | 108.2 | 125.9 | 36.5 | 124.8 | 145.4 | 158.9 | 18 |
| Finance companies; debt securities; liability | FA614122005 | -61.2 | -22.9 | 93.2 | 64.9 | 54.7 | 112.7 | 94.9 | -2.7 | -5.9 | 19 |
| Mortgage real estate investment trusts; debt securities; liability | FA644122075 | 23.3 | 12.7 | -0.5 | -3.0 | -4.9 | -19.8 | 9.3 | 3.4 | 4.9 | 20 |
| Security brokers and dealers; corporate and foreign bonds; liability | FA663163003 | 33.8 | 18.4 | 0.1 | 91.1 | 59.1 | 32.5 | 272.4 | 0.5 | 123.7 | 21 |
| Holding companies; debt securities; liability | FA734122005 | 65.0 | -3.2 | 19.6 | -14.2 | 8.8 | -93.3 | 220.5 | -192.8 | 259.5 | 22 |
| Other financial business; debt securities; liability | FA504122005 | 18.4 | -3.2 | 10.8 | -0.6 | 32.9 | -32.7 | 74.9 | -77.4 | 56.8 | 23 |
| Rest of the world; debt securities, excluding negotiable certificates of deposit; liability | FA264122005 | 482.4 | 172.2 | 64.2 | 198.6 | 316.5 | 372.8 | 69.0 | 36.2 | 385.8 | 24 |
| All sectors; total debt securities; asset | FA894022005 | 3136.8 | 2738.0 | 3203.3 | 3023.6 | 3038.7 | 2760.9 | 4001.2 | 2293.7 | 2537.6 | 25 |
| Domestic nonfinancial sectors; debt securities; asset | FA384022005 | -726.4 | 2202.0 | 1361.4 | 160.7 | -952.1 | 1349.2 | 525.6 | -279.9 | -537.6 | 26 |
| Households and nonprofit organizations; debt securities; asset | FA154022005 | -1246.6 | 1842.9 | 1190.3 | -46.1 | -1257.5 | 1147.7 | 336.1 | -410.8 | -731.7 | 27 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | 37.8 | -5.4 | 12.8 | 9.1 | 67.0 | -51.8 | 52.3 | -31.0 | 64.7 | 28 |
| Nonfinancial noncorporate business; debt securities; asset | FA114022005 | 2.3 | 21.5 | 0.0 | 3.2 | 6.6 | 2.8 | -13.1 | 16.3 | -6.2 | 29 |
| Federal government; debt securities; asset | FA314022005 | -0.0 | 0.0 | -0.0 | -0.1 | -0.3 | 0.1 | 0.0 | 0.0 | 0.1 | 30 |
| State and local governments; debt securities; asset | FA214022005 | 480.2 | 343.0 | 158.3 | 194.6 | 232.1 | 250.4 | 150.2 | 145.6 | 135.4 | 31 |
| Domestic financial sectors; debt securities; asset | FA794022005 | 3190.9 | -184.3 | 743.6 | 1857.1 | 2912.0 | 802.8 | 1991.9 | 1721.7 | 1694.3 | 32 |
| Monetary authority; debt securities; asset | FA714022005 | 1537.0 | -175.9 | -957.2 | -719.6 | -884.0 | -879.4 | -599.5 | -515.4 | -492.1 | 33 |
| U.S.-chartered depository institutions; debt securities; asset | FA764022005 | 1240.1 | -109.6 | -394.2 | 93.6 | 494.0 | -175.0 | 152.9 | -97.4 | 500.4 | 34 |
| Foreign banking offices in the U.S.; debt securities; asset | FA754022005 | -12.5 | 58.4 | -36.7 | 29.0 | 60.2 | 36.8 | -28.2 | 47.3 | -34.7 | 35 |
| Banks in U.S.-affiliated areas; debt securities; asset | FA744022003 | 7.9 | 10.5 | 19.4 | 6.5 | 6.3 | 12.4 | -11.8 | 19.1 | 0.8 | 36 |
| Credit unions; debt securities; asset | FA474022005 | 101.9 | 29.2 | -40.4 | -8.2 | -11.2 | -1.4 | -23.3 | 3.3 | 14.2 | 37 |
| Property-casualty insurance companies; debt securities; asset | FA514022005 | 71.0 | 80.1 | 87.9 | 200.1 | 226.1 | 408.8 | 338.1 | -172.7 | 349.5 | 38 |
| Life insurance companies; debt securities; asset | FA544022005 | 176.7 | 191.9 | 87.6 | 224.0 | 287.1 | 181.2 | 197.3 | 230.3 | 161.3 | 39 |
| Private pension funds; debt securities; asset | FA574022005 | 189.7 | -50.1 | 5.8 | 25.6 | 35.6 | 40.3 | 18.3 | 8.0 | 21.3 | 40 |
| Federal government retirement funds; debt securities; asset | FA344022005 | -2.0 | -3.1 | 2.5 | 1.3 | 1.6 | -3.6 | 7.2 | -0.1 | 2.1 | 41 |
| State and local government employee defined benefit retirement funds retirement funds; debt securities; asset | FA224022045 | 149.4 | 19.1 | 11.2 | 189.0 | 167.0 | 283.0 | 174.2 | 131.8 | 151.0 | 42 |
| Money market funds; debt securities; asset | FA634022005 | -956.4 | -546.8 | 1392.9 | 911.8 | 1269.3 | 119.6 | 866.2 | 1392.1 | -339.0 | 43 |
| Mutual funds; debt securities; asset (market value) | FA654022005 | 586.3 | -195.7 | 137.9 | 364.3 | 684.7 | 213.7 | 269.1 | 289.8 | 148.3 | 44 |
| Closed-end funds; debt securities; asset | FA554022005 | 9.2 | -0.7 | -0.9 | -1.3 | 0.3 | -0.8 | -1.1 | -3.7 | -0.4 | 45 |
| Exchange-traded funds; debt securities; asset | FA564022005 | 202.7 | 206.5 | 203.4 | 294.8 | 201.3 | 270.5 | 391.5 | 315.8 | 413.7 | 46 |
| Government-sponsored enterprises; debt securities; asset | FA404022005 | -71.2 | 13.9 | 56.0 | 61.5 | -23.9 | 51.9 | 57.6 | 160.4 | 25.9 | 47 |
| Issuers of asset-backed securities; debt securities; asset | FA674022005 | 1.5 | 4.6 | -5.0 | -4.2 | -9.0 | -9.3 | 5.4 | -3.7 | -8.8 | 48 |
| Finance companies; corporate and foreign bonds; asset | FA613063003 | 18.2 | -4.2 | -25.8 | -7.6 | 4.4 | 33.5 | -62.0 | -6.2 | -1.1 | 49 |
| Mortgage real estate investment trusts; debt securities; asset | FA644022075 | -37.9 | -1.3 | 23.8 | 17.6 | 8.8 | 21.4 | 51.8 | -11.4 | 56.3 | 50 |
| Security brokers and dealers; debt securities; asset | FA664022005 | -36.0 | 134.7 | 222.5 | 176.8 | 451.7 | 82.5 | 191.3 | -18.5 | 585.8 | 51 |
| Holding companies; long-term debt securities; asset | FA734022605 | 29.4 | 58.6 | -4.9 | -3.6 | -37.6 | 13.8 | -9.6 | 18.8 | 10.3 | 52 |
| Other financial business; debt securities; asset | FA504022005 | -14.2 | 95.8 | -42.0 | 5.8 | -20.6 | 103.0 | 6.6 | -65.9 | 129.4 | 53 |
| Rest of the world; debt securities, excluding negotiable certificates of deposit; asset | FA264022005 | 672.2 | 720.3 | 1098.2 | 1005.8 | 1078.8 | 608.8 | 1483.7 | 851.9 | 1380.8 | 54 |
NOTES
- Sum of open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds.
- Liability of the households and nonprofit organizations sector (table F.101).
Last Update: June 12, 2025