Financial Accounts of the United States - Z.1
F.212 Municipal Securities
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 1 |
| 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 | 2 |
| State and local governments; short-term municipal securities; liability (1) | FA213162400 | -13.7 | -7.5 | 1.4 | 7.5 | 5.7 | 4.7 | 24.2 | -4.5 | -7.1 | 3 |
| State and local governments; long-term municipal securities; liability | FA213162200 | 84.7 | -43.2 | 20.9 | 89.9 | 94.3 | 193.4 | 113.7 | -41.7 | 152.5 | 4 |
| 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 | 5 |
| Nonfinancial corporate business; municipal securities; liability | FA103162000 | 11.8 | 0.8 | -1.3 | 13.0 | 26.8 | 28.5 | 21.5 | -25.0 | 33.3 | 6 |
| All sectors; municipal securities; asset | FA893062005 | 81.9 | -50.8 | 23.2 | 118.6 | 136.5 | 240.9 | 166.5 | -69.7 | 185.9 | 7 |
| Households and nonprofit organizations; municipal securities; asset | FA153062005 | -96.1 | 35.6 | 99.1 | 96.3 | 136.7 | 230.1 | 95.7 | -77.3 | 112.2 | 8 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | 11.2 | 4.3 | -4.1 | 0.7 | 0.8 | 1.3 | 0.6 | 0.1 | 0.9 | 9 |
| Nonfinancial noncorporate business; municipal securities; asset | FA113062003 | 0.1 | -0.9 | -0.0 | 0.1 | 0.2 | 0.1 | -0.2 | 0.3 | 0.3 | 10 |
| State and local governments; municipal securities; asset | FA213062003 | -1.2 | 5.0 | 3.3 | 4.3 | 4.8 | 5.6 | 6.6 | 0.2 | 6.8 | 11 |
| U.S.-chartered depository institutions; municipal securities; asset | FA763062000 | 53.0 | 5.0 | -64.8 | -41.7 | -69.4 | -16.7 | -36.1 | -44.6 | -4.4 | 12 |
| Foreign banking offices in the U.S.; municipal securities; asset | FA753062003 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 13 |
| Banks in U.S.-affiliated areas; municipal securities; asset | FA743062003 | -0.0 | -0.0 | 0.0 | -0.0 | 0.0 | 0.0 | -0.0 | 0.0 | 0.1 | 14 |
| Credit unions; municipal securities; asset | FA473062005 | 2.3 | 0.1 | -0.4 | -0.5 | 0.2 | -0.3 | 0.2 | -2.0 | 0.5 | 15 |
| Property-casualty insurance companies; municipal securities, including those held by U.S. residual market reinsurers; asset | FA513062005 | -1.1 | -7.7 | -29.3 | -10.8 | -22.6 | -9.6 | 2.5 | -13.7 | -7.3 | 16 |
| Life insurance companies; municipal securities; asset | FA543062005 | 1.1 | 5.0 | -9.8 | -14.2 | -9.6 | -20.6 | -16.4 | -10.0 | -5.3 | 17 |
| Federal government retirement funds; municipal securities held by National Railroad Retirement Investment Trust; asset | FA343062033 | -0.0 | -0.0 | -0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 18 |
| State and local government employee defined benefit retirement funds; municipal securities; asset | FA223062043 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 19 |
| Money market funds; municipal securities; asset | FA633062000 | -14.6 | 7.0 | 11.7 | 8.9 | 9.2 | 7.5 | 21.2 | -2.3 | 17.2 | 20 |
| Mutual funds; municipal securities; asset (market value) | FA653062003 | 100.6 | -135.0 | -1.1 | 50.7 | 66.6 | 19.6 | 68.3 | 48.3 | 45.9 | 21 |
| Closed-end funds; municipal securities; asset | FA553062003 | 0.7 | -0.5 | -0.7 | -1.0 | -0.1 | -0.9 | -0.1 | -2.9 | -0.5 | 22 |
| Exchange-traded funds; municipal securities; asset | FA563062003 | 20.6 | 29.3 | 14.8 | 17.1 | 2.4 | 10.2 | 26.8 | 29.1 | 22.6 | 23 |
| Government-sponsored enterprises; municipal securities and Sallie Mae public academic facilities financing and Sallie Mae public warehousing advances; asset | FA403062005 | -0.4 | -0.2 | 0.1 | 0.1 | 0.3 | -0.1 | -0.0 | 0.4 | 0.3 | 24 |
| Security brokers and dealers; municipal securities (net) ; asset | FA663062005 | 5.9 | 0.7 | 0.9 | 2.1 | 8.2 | 10.6 | -9.0 | -1.5 | 8.1 | 25 |
| Other financial business; municipal securities held by COVID-19 Municipal Liquidity Facility (MLF); asset | FA503062003 | -2.2 | -1.2 | -2.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 26 |
| Rest of the world; municipal securities; asset | FA263062003 | 1.7 | 2.7 | 6.4 | 6.5 | 8.9 | 4.2 | 6.6 | 6.3 | -11.2 | 27 |
NOTES
- Debt with original maturity of 13 months or less.
- Liability of the households and nonprofit organizations sector (table F.101).
Last Update: June 12, 2025