Financial Accounts of the United States - Z.1
L.212 Municipal Securities
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 1 |
| 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 | 2 |
| State and local governments; short-term municipal securities; liability (1) | FL213162400 | 32.9 | 25.4 | 26.9 | 34.4 | 27.8 | 26.8 | 32.2 | 34.4 | 32.1 | 3 |
| State and local governments; long-term municipal securities; liability | FL213162200 | 3246.6 | 3203.4 | 3224.3 | 3314.2 | 3240.9 | 3277.8 | 3303.3 | 3314.2 | 3343.7 | 4 |
| 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 | 5 |
| Nonfinancial corporate business; municipal securities; liability | FL103162000 | 621.3 | 622.1 | 620.8 | 633.7 | 625.7 | 632.5 | 634.9 | 633.7 | 640.1 | 6 |
| All sectors; municipal securities; asset | FL893062005 | 4447.1 | 3881.9 | 4004.3 | 4067.5 | 3994.9 | 4030.2 | 4136.8 | 4067.5 | 4045.8 | 7 |
| Households and nonprofit organizations; municipal securities; asset | LM153062005 | 1779.1 | 1600.7 | 1751.8 | 1826.9 | 1767.5 | 1803.7 | 1865.5 | 1826.9 | 1830.3 | 8 |
| Nonfinancial corporate business; municipal securities; asset | LM103062003 | 27.3 | 28.2 | 24.9 | 25.3 | 24.8 | 25.1 | 25.7 | 25.3 | 25.2 | 9 |
| Nonfinancial noncorporate business; municipal securities; asset | LM113062003 | 4.7 | 3.2 | 3.3 | 3.4 | 3.3 | 3.3 | 3.4 | 3.4 | 3.4 | 10 |
| State and local governments; municipal securities; asset | LM213062003 | 40.8 | 40.9 | 45.6 | 49.3 | 46.3 | 47.5 | 50.1 | 49.3 | 50.4 | 11 |
| U.S.-chartered depository institutions; municipal securities; asset | LM763062000 | 631.3 | 580.2 | 532.0 | 486.2 | 506.6 | 498.6 | 497.2 | 486.2 | 478.7 | 12 |
| Foreign banking offices in the U.S.; municipal securities; asset | LM753062003 | 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 | LM743062003 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 14 |
| Credit unions; municipal securities; asset | LM473062005 | 12.3 | 10.8 | 10.7 | 10.1 | 10.6 | 10.5 | 10.8 | 10.1 | 10.1 | 15 |
| Property-casualty insurance companies; municipal securities, including those held by U.S. residual market reinsurers; asset | LM513062005 | 289.4 | 246.1 | 221.6 | 206.4 | 213.2 | 209.5 | 214.1 | 206.4 | 202.0 | 16 |
| Life insurance companies; municipal securities; asset | LM543062005 | 241.3 | 197.9 | 192.5 | 167.6 | 186.0 | 178.1 | 175.7 | 167.6 | 164.2 | 17 |
| Federal government retirement funds; municipal securities held by National Railroad Retirement Investment Trust; asset | LM343062033 | 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 | LM223062043 | 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 | FL633062000 | 110.9 | 117.9 | 129.6 | 138.5 | 127.9 | 132.2 | 131.1 | 138.5 | 138.3 | 20 |
| Mutual funds; municipal securities; asset (market value) | LM653062003 | 990.8 | 745.8 | 756.1 | 799.8 | 771.1 | 779.6 | 809.0 | 799.8 | 789.3 | 21 |
| Closed-end funds; municipal securities; asset | LM553062003 | 98.3 | 81.8 | 81.0 | 76.4 | 79.7 | 79.1 | 80.1 | 76.4 | 74.3 | 22 |
| Exchange-traded funds; municipal securities; asset | LM563062003 | 83.3 | 104.4 | 122.6 | 137.9 | 122.3 | 124.3 | 133.2 | 137.9 | 142.3 | 23 |
| Government-sponsored enterprises; municipal securities and Sallie Mae public academic facilities financing and Sallie Mae public warehousing advances; asset | LM403062005 | 2.4 | 2.2 | 2.2 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.4 | 24 |
| Security brokers and dealers; municipal securities (net) ; asset | LM663062005 | 12.5 | 11.9 | 13.3 | 15.3 | 15.2 | 17.8 | 15.9 | 15.3 | 17.1 | 25 |
| Other financial business; municipal securities held by COVID-19 Municipal Liquidity Facility (MLF); asset | FL503062003 | 4.1 | 2.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 26 |
| Rest of the world; municipal securities; asset | LM263062003 | 118.7 | 106.9 | 116.9 | 121.9 | 117.9 | 118.4 | 122.6 | 121.9 | 117.6 | 27 |
| Instrument discrepancies; municipal securities (level) (3) | LM903062003 | -340.9 | 173.6 | 74.4 | 129.7 | 108.6 | 119.6 | 47.9 | 129.7 | 186.8 | 28 |
NOTES
- Debt with original maturity of 13 months or less.
- 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