Financial Accounts of the United States - Z.1
L.208 Debt Securities (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted| Description | Series code | 2021 | 2022 | 2023 | 2024 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| All sectors; total debt securities; liability | FL894122005 | 53831.3 | 55893.4 | 59110.2 | 61849.6 | 60023.0 | 60277.4 | 61320.8 | 61849.6 | 62654.8 | 1 |
| All sectors; open market paper; liability | FL893169175 | 1051.8 | 1203.7 | 1225.8 | 1215.1 | 1237.5 | 1221.3 | 1245.9 | 1215.1 | 1355.3 | 2 |
| Federal government; Treasury securities; liability | FL313161105 | 22557.5 | 23845.0 | 26226.6 | 28139.5 | 26808.6 | 26903.1 | 27586.4 | 28139.5 | 28447.3 | 3 |
| All sectors; U.S. government agency securities; liability | FL893161705 | 10699.2 | 11678.6 | 11976.0 | 12274.6 | 11973.7 | 12057.5 | 12137.8 | 12274.6 | 12296.5 | 4 |
| Domestic nonfinancial sectors; municipal securities; liability | FL383162005 | 4106.2 | 4055.4 | 4078.6 | 4197.2 | 4103.5 | 4149.7 | 4184.8 | 4197.2 | 4232.6 | 5 |
| All sectors; corporate and foreign bonds; liability | FL893163005 | 15416.7 | 15110.7 | 15603.2 | 16023.3 | 15899.7 | 15945.8 | 16165.9 | 16023.3 | 16323.2 | 6 |
| All sectors; total debt securities; liability | FL894122005 | 53831.3 | 55893.4 | 59110.2 | 61849.6 | 60023.0 | 60277.4 | 61320.8 | 61849.6 | 62654.8 | 7 |
| Domestic nonfinancial sectors; debt securities; liability | FL384122005 | 33996.0 | 35310.4 | 37942.9 | 40225.6 | 38674.3 | 38864.3 | 39681.5 | 40225.6 | 40720.1 | 8 |
| Nonprofit organizations; municipal securities; liability (2) | FL163162003 | 205.4 | 204.5 | 206.7 | 214.8 | 209.1 | 212.7 | 214.4 | 214.8 | 216.6 | 9 |
| Nonfinancial corporate business; debt securities; liability | FL104122005 | 7933.8 | 8012.3 | 8238.3 | 8502.2 | 8367.9 | 8423.7 | 8524.9 | 8502.2 | 8659.7 | 10 |
| Federal government; debt securities; liability | FL314122005 | 22577.3 | 23864.8 | 26246.7 | 28159.9 | 26828.6 | 26923.4 | 27606.7 | 28159.9 | 28468.0 | 11 |
| State and local governments; municipal securities; liability | FL213162005 | 3279.5 | 3228.8 | 3251.2 | 3348.6 | 3268.7 | 3304.6 | 3335.4 | 3348.6 | 3375.8 | 12 |
| Domestic financial sectors; debt securities; liability | FL794122005 | 15604.6 | 16854.9 | 17355.2 | 17895.3 | 17502.7 | 17522.2 | 17807.3 | 17895.3 | 18087.6 | 13 |
| U.S.-chartered depository institutions; debt securities; liability | FL764122005 | 311.8 | 446.6 | 448.1 | 418.2 | 441.4 | 436.1 | 450.4 | 418.2 | 441.4 | 14 |
| Foreign banking offices in the U.S.; open market paper; liability | FL753169175 | 53.7 | 106.7 | 148.0 | 174.6 | 153.4 | 159.2 | 168.6 | 174.6 | 165.2 | 15 |
| Government-sponsored enterprises; GSE issues; liability | FL403161705 | 8177.6 | 8970.8 | 9085.1 | 9209.5 | 9047.5 | 9086.5 | 9123.1 | 9209.5 | 9197.8 | 16 |
| Agency-and GSE-backed mortgage pools; total mortgages; asset | FL413065005 | 2501.8 | 2687.9 | 2870.7 | 3044.6 | 2906.2 | 2950.8 | 2994.4 | 3044.6 | 3078.0 | 17 |
| Issuers of asset-backed securities; debt securities; liability | FL674122005 | 1390.4 | 1471.7 | 1514.1 | 1621.0 | 1539.0 | 1548.3 | 1578.4 | 1621.0 | 1653.8 | 18 |
| Finance companies; debt securities; liability | FL614122005 | 1085.3 | 1062.4 | 1155.6 | 1220.5 | 1169.7 | 1197.8 | 1217.1 | 1220.5 | 1219.8 | 19 |
| Mortgage real estate investment trusts; debt securities; liability | FL644122075 | 200.7 | 213.4 | 212.9 | 209.9 | 211.7 | 206.8 | 209.1 | 209.9 | 211.2 | 20 |
| Security brokers and dealers; corporate and foreign bonds; liability | FL663163003 | 217.7 | 236.1 | 236.2 | 327.3 | 251.0 | 259.1 | 327.2 | 327.3 | 358.3 | 21 |
| Holding companies; debt securities; liability | FL734122005 | 1544.9 | 1541.8 | 1556.3 | 1542.1 | 1632.5 | 1535.2 | 1590.3 | 1542.1 | 1607.0 | 22 |
| Other financial business; debt securities; liability | FL504122005 | 120.6 | 117.4 | 128.2 | 127.6 | 150.2 | 142.4 | 148.8 | 127.6 | 155.2 | 23 |
| Rest of the world; debt securities, excluding negotiable certificates of deposit; liability | LM264122005 | 4230.7 | 3728.1 | 3812.1 | 3728.7 | 3846.1 | 3890.9 | 3832.1 | 3728.7 | 3847.2 | 24 |
| All sectors; total debt securities; asset | FL894022005 | 55198.0 | 50969.2 | 55219.2 | 58032.6 | 55794.1 | 56042.5 | 58889.3 | 58032.6 | 59692.9 | 25 |
| Domestic nonfinancial sectors; debt securities; asset | FL384022005 | 5372.0 | 7162.6 | 8618.4 | 9070.9 | 8583.6 | 8809.2 | 9225.2 | 9070.9 | 9218.7 | 26 |
| Households and nonprofit organizations; debt securities; asset | LM154022005 | 2648.8 | 4407.4 | 5630.5 | 5896.7 | 5555.0 | 5734.3 | 5995.6 | 5896.7 | 5948.5 | 27 |
| Nonfinancial corporate business; debt securities; asset | LM104022005 | 409.6 | 382.2 | 400.1 | 406.5 | 408.0 | 397.6 | 417.8 | 406.5 | 418.7 | 28 |
| Nonfinancial noncorporate business; debt securities; asset | LM114022005 | 75.9 | 85.7 | 87.8 | 90.0 | 88.3 | 88.8 | 89.3 | 90.0 | 90.6 | 29 |
| Federal government; debt securities; asset | FL314022005 | 6.7 | 4.9 | 4.4 | 7.0 | 4.0 | 4.1 | 3.7 | 7.0 | 7.4 | 30 |
| State and local governments; debt securities; asset | LM214022005 | 2230.9 | 2282.4 | 2495.6 | 2670.7 | 2528.3 | 2584.6 | 2718.8 | 2670.7 | 2753.5 | 31 |
| Domestic financial sectors; debt securities; asset | FL794022005 | 36174.4 | 31325.1 | 32824.6 | 34420.1 | 33222.0 | 33124.4 | 34802.4 | 34420.1 | 35297.7 | 32 |
| Monetary authority; debt securities; asset | LM714022005 | 8739.4 | 7353.4 | 6527.6 | 5695.4 | 6208.3 | 5959.3 | 6066.3 | 5695.4 | 5708.9 | 33 |
| U.S.-chartered depository institutions; debt securities; asset | LM764022005 | 6319.8 | 5620.7 | 5361.6 | 5448.2 | 5416.0 | 5368.4 | 5576.8 | 5448.2 | 5612.4 | 34 |
| Foreign banking offices in the U.S.; debt securities; asset | LM754022005 | 286.1 | 297.8 | 271.5 | 298.5 | 283.9 | 291.6 | 297.3 | 298.5 | 295.1 | 35 |
| Banks in U.S.-affiliated areas; debt securities; asset | LM744022003 | 47.5 | 50.9 | 73.2 | 79.2 | 74.1 | 76.8 | 77.1 | 79.2 | 80.8 | 36 |
| Credit unions; debt securities; asset | LM474022005 | 401.5 | 383.6 | 352.3 | 344.8 | 348.4 | 346.9 | 352.7 | 344.8 | 354.6 | 37 |
| Property-casualty insurance companies; debt securities; asset | LM514022005 | 1320.1 | 1241.7 | 1363.7 | 1557.0 | 1409.2 | 1504.3 | 1642.3 | 1557.0 | 1659.8 | 38 |
| Life insurance companies; debt securities; asset | LM544022005 | 4569.2 | 3904.9 | 4013.9 | 4181.9 | 4048.3 | 4059.5 | 4288.0 | 4181.9 | 4279.3 | 39 |
| Private pension funds; debt securities; asset | LM574022005 | 1821.0 | 1487.4 | 1547.0 | 1558.7 | 1541.1 | 1542.4 | 1613.9 | 1558.7 | 1590.2 | 40 |
| Federal government retirement funds; debt securities; asset | LM344022005 | 48.9 | 39.7 | 43.2 | 44.2 | 43.3 | 42.2 | 45.6 | 44.2 | 45.4 | 41 |
| State and local government employee defined benefit retirement funds retirement funds; debt securities; asset | LM224022045 | 1194.3 | 1028.2 | 1095.8 | 1273.7 | 1126.6 | 1191.5 | 1286.9 | 1273.7 | 1333.9 | 42 |
| Money market funds; debt securities; asset | FL634022005 | 2568.8 | 2022.0 | 3414.8 | 4326.6 | 3742.0 | 3611.5 | 3887.4 | 4326.6 | 4252.5 | 43 |
| Mutual funds; debt securities; asset (market value) | LM654022005 | 5897.4 | 4794.1 | 5065.6 | 5412.0 | 5193.3 | 5227.4 | 5496.0 | 5412.0 | 5506.1 | 44 |
| Closed-end funds; debt securities; asset | LM554022005 | 186.7 | 153.3 | 154.5 | 151.9 | 155.3 | 154.3 | 157.4 | 151.9 | 150.5 | 45 |
| Exchange-traded funds; debt securities; asset | LM564022005 | 1215.3 | 1258.7 | 1493.5 | 1756.7 | 1531.6 | 1588.4 | 1740.8 | 1756.7 | 1884.1 | 46 |
| Government-sponsored enterprises; debt securities; asset | LM404022005 | 430.2 | 395.6 | 456.4 | 520.7 | 451.5 | 464.7 | 490.8 | 520.7 | 535.4 | 47 |
| Issuers of asset-backed securities; debt securities; asset | FL674022005 | 31.9 | 36.4 | 31.4 | 27.3 | 29.2 | 26.9 | 28.2 | 27.3 | 25.1 | 48 |
| Finance companies; corporate and foreign bonds; asset | LM613063003 | 68.3 | 52.0 | 28.3 | 21.0 | 29.1 | 37.2 | 23.5 | 21.0 | 21.1 | 49 |
| Mortgage real estate investment trusts; debt securities; asset | LM644022075 | 180.4 | 159.0 | 187.4 | 205.9 | 188.5 | 194.1 | 213.1 | 205.9 | 222.8 | 50 |
| Security brokers and dealers; debt securities; asset | LM664022005 | 547.4 | 613.3 | 853.6 | 1028.7 | 940.7 | 963.2 | 1025.1 | 1028.7 | 1173.5 | 51 |
| Holding companies; long-term debt securities; asset | LM734022605 | 146.4 | 181.7 | 182.4 | 177.0 | 170.8 | 173.7 | 178.8 | 177.0 | 182.4 | 52 |
| Other financial business; debt securities; asset | FL504022005 | 154.0 | 250.6 | 306.6 | 310.5 | 290.8 | 300.2 | 314.2 | 310.5 | 383.7 | 53 |
| Rest of the world; debt securities, excluding negotiable certificates of deposit; asset | LM264022005 | 13651.6 | 12481.5 | 13776.3 | 14541.6 | 13988.5 | 14108.9 | 14861.7 | 14541.6 | 15176.6 | 54 |
| Instrument discrepancies; debt securities (level) (3) | LM904022005 | -1366.6 | 4924.2 | 3890.9 | 3817.1 | 4228.9 | 4234.9 | 2431.5 | 3817.1 | 2961.9 | 55 |
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 (tables L.101 and B.101).
- The accumulated valuation difference between issuance and holdings.
Last Update: June 12, 2025