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 | 2022 | 2023 | 2024 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| All sectors; total debt securities; liability | FA894122005 | 2737.8 | 3223.4 | 3044.7 | 3417.9 | 2213.4 | 4457.2 | 2090.3 | 3185.5 | 2413.5 | 1 |
| All sectors; open market paper; liability | FA893169175 | 151.9 | 15.8 | -8.2 | 40.6 | -52.6 | 83.1 | -104.0 | 359.1 | 296.4 | 2 |
| Federal government; total marketable Treasury securities; liability | FA313161105 | 1287.4 | 2381.6 | 1912.9 | 2140.5 | 1020.5 | 2523.9 | 1966.6 | 1056.2 | 921.8 | 3 |
| All sectors; U.S. government agency securities; liability | FA893161705 | 979.4 | 297.4 | 298.6 | 100.8 | 206.7 | 401.3 | 485.6 | 188.5 | 438.7 | 4 |
| Domestic nonfinancial sectors; municipal securities; liability | FA383162005 | -50.7 | 23.4 | 118.8 | 136.9 | 241.8 | 166.2 | -69.7 | 186.7 | 350.2 | 5 |
| All sectors; corporate and foreign bonds; liability | FA893163005 | 369.7 | 505.1 | 722.6 | 999.0 | 797.0 | 1282.7 | -188.3 | 1394.9 | 406.3 | 6 |
| All sectors; total debt securities; liability | FA894122005 | 2737.8 | 3223.4 | 3044.7 | 3417.9 | 2213.4 | 4457.2 | 2090.3 | 3185.5 | 2413.5 | 7 |
| Domestic nonfinancial sectors; debt securities; liability | FA384122005 | 1314.3 | 2634.6 | 2282.2 | 2801.6 | 1524.9 | 2996.5 | 1805.6 | 1843.7 | 1318.3 | 8 |
| Nonprofit organizations; municipal securities; liability (2) | FA163162003 | -0.9 | 2.2 | 8.3 | 9.7 | 14.3 | 7.1 | 2.3 | 8.3 | 23.2 | 9 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 78.4 | 227.8 | 263.2 | 551.9 | 290.9 | 327.1 | -116.9 | 633.1 | 87.7 | 10 |
| Federal government; debt securities; liability | FA314122005 | 1287.5 | 2382.0 | 1913.2 | 2139.6 | 1021.6 | 2524.1 | 1967.4 | 1057.2 | 923.6 | 11 |
| State and local governments; municipal securities; liability | FA213162005 | -50.6 | 22.5 | 97.4 | 100.4 | 198.0 | 138.2 | -47.1 | 145.2 | 283.8 | 12 |
| Domestic financial sectors; debt securities; liability | FA794122005 | 1251.9 | 493.3 | 559.7 | 375.3 | 244.7 | 1382.2 | 236.4 | 981.2 | 800.8 | 13 |
| U.S.-chartered depository institutions; debt securities; liability | FA764122005 | 134.8 | -3.7 | -27.4 | -18.2 | -20.8 | 57.7 | -128.4 | 102.9 | 57.1 | 14 |
| Foreign banking offices in the U.S.; open market paper; liability | FA753169175 | 53.0 | 39.3 | 27.3 | 24.7 | 23.1 | 37.5 | 23.8 | -32.8 | 27.6 | 15 |
| Government-sponsored enterprises; GSE issues; liability | FA403161705 | 793.3 | 114.3 | 124.4 | -59.5 | 22.6 | 223.8 | 310.8 | 35.6 | 235.8 | 16 |
| Agency-and GSE-backed mortgage pools; total mortgages; asset | FA413065005 | 186.1 | 182.7 | 173.9 | 161.2 | 183.0 | 177.4 | 174.1 | 151.9 | 201.1 | 17 |
| Issuers of asset-backed securities; debt securities; liability | FA674122005 | 83.0 | 37.5 | 122.9 | 114.8 | 37.5 | 214.0 | 125.4 | 217.2 | 109.3 | 18 |
| Finance companies; debt securities; liability | FA614122005 | -22.9 | 93.2 | 64.9 | 54.7 | 112.7 | 94.9 | -2.7 | 33.8 | -23.8 | 19 |
| Mortgage real estate investment trusts; debt securities; liability | FA644122075 | 12.7 | -0.5 | -2.6 | -3.2 | -19.8 | 9.3 | 3.2 | 4.9 | 9.1 | 20 |
| Security brokers and dealers; corporate and foreign bonds; liability | FA663163003 | 18.4 | 0.1 | 91.1 | 59.1 | 32.5 | 272.4 | 0.5 | 123.7 | 75.6 | 21 |
| Holding companies; debt securities; liability | FA734122005 | -3.2 | 19.6 | -14.2 | 8.8 | -93.3 | 220.5 | -192.8 | 259.5 | 120.6 | 22 |
| Other financial business; debt securities; liability | FA504122005 | -3.2 | 10.8 | -0.6 | 32.9 | -32.7 | 74.9 | -77.4 | 84.4 | -11.6 | 23 |
| Rest of the world; debt securities, excluding negotiable certificates of deposit; liability | FA264122005 | 171.6 | 95.5 | 202.9 | 240.9 | 443.9 | 78.4 | 48.3 | 360.6 | 294.4 | 24 |
| All sectors; total debt securities; asset | FA894022005 | 2737.8 | 3223.4 | 3044.7 | 3417.9 | 2213.4 | 4457.2 | 2090.3 | 3185.5 | 2413.5 | 25 |
| Domestic nonfinancial sectors; debt securities; asset | FA384022005 | 2213.5 | 1137.1 | 168.4 | -597.7 | 899.0 | 899.9 | -527.7 | 85.5 | 313.5 | 26 |
| Households and nonprofit organizations; debt securities; asset | FA154022005 | 1858.3 | 986.4 | -21.8 | -875.1 | 709.5 | 727.8 | -649.2 | -77.9 | -20.9 | 27 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | -5.4 | 12.8 | 8.0 | 67.0 | -51.5 | 52.4 | -36.0 | 55.2 | -31.3 | 28 |
| Nonfinancial noncorporate business; debt securities; asset | FA114022005 | 21.5 | 0.0 | 3.2 | 6.6 | 2.8 | -13.1 | 16.3 | -6.2 | 0.9 | 29 |
| Federal government; debt securities; asset | FA314022005 | 0.0 | -0.0 | -0.1 | -0.3 | 0.1 | 0.0 | 0.0 | 0.0 | 0.1 | 30 |
| State and local governments; debt securities; asset | FA214022005 | 339.1 | 137.9 | 179.0 | 204.2 | 238.2 | 132.7 | 141.1 | 114.4 | 364.8 | 31 |
| Domestic financial sectors; debt securities; asset | FA794022005 | -196.0 | 835.4 | 1862.1 | 2773.4 | 668.0 | 2050.3 | 1956.9 | 1602.3 | 1288.7 | 32 |
| Monetary authority; debt securities; asset | FA714022005 | -175.9 | -957.2 | -719.6 | -884.0 | -879.4 | -599.5 | -515.4 | -492.2 | -269.7 | 33 |
| U.S.-chartered depository institutions; debt securities; asset | FA764022005 | -118.6 | -386.7 | 99.5 | 427.9 | -194.7 | 248.1 | -83.5 | 396.9 | 253.6 | 34 |
| Foreign banking offices in the U.S.; debt securities; asset | FA754022005 | 58.4 | -36.7 | 29.0 | 60.2 | 36.8 | -28.2 | 47.3 | -34.7 | 79.4 | 35 |
| Banks in U.S.-affiliated areas; debt securities; asset | FA744022003 | 10.5 | 19.4 | 6.5 | 6.3 | 12.4 | -11.8 | 19.1 | 0.8 | 2.3 | 36 |
| Credit unions; debt securities; asset | FA474022005 | 29.2 | -40.4 | -8.2 | -11.2 | -1.4 | -23.3 | 3.2 | 14.3 | 20.0 | 37 |
| Property-casualty insurance companies; debt securities; asset | FA514022005 | 80.1 | 87.9 | 200.1 | 226.1 | 408.8 | 338.1 | -172.7 | 349.5 | -51.8 | 38 |
| Life insurance companies; debt securities; asset | FA544022005 | 192.3 | 89.0 | 229.2 | 288.2 | 173.7 | 217.9 | 237.1 | 161.3 | 268.2 | 39 |
| Private pension funds; debt securities; asset | FA574022005 | -50.1 | 91.6 | 55.7 | 54.1 | 52.8 | 55.7 | 60.2 | 61.4 | 52.9 | 40 |
| Federal government retirement funds; debt securities; asset | FA344022005 | -3.1 | 2.5 | 1.8 | 1.6 | -3.6 | 7.2 | 1.9 | 2.1 | 1.3 | 41 |
| State and local government employee defined benefit retirement funds retirement funds; debt securities; asset | FA224022045 | 15.8 | 10.4 | 156.1 | 171.0 | 292.0 | 141.0 | 20.4 | 36.6 | -52.6 | 42 |
| Money market funds; debt securities; asset | FA634022005 | -546.8 | 1392.9 | 911.8 | 1250.6 | -16.6 | 890.7 | 1522.5 | -359.1 | -215.6 | 43 |
| Mutual funds; debt securities; asset (market value) | FA654022005 | -196.0 | 137.9 | 361.1 | 683.9 | 207.7 | 266.1 | 286.7 | 303.9 | -27.8 | 44 |
| Closed-end funds; debt securities; asset | FA554022005 | -0.7 | -0.9 | -1.3 | 0.3 | -0.8 | -1.1 | -3.7 | -0.5 | 1.5 | 45 |
| Exchange-traded funds; debt securities; asset | FA564022005 | 206.5 | 203.4 | 294.8 | 200.6 | 270.8 | 392.0 | 315.7 | 408.5 | 339.0 | 46 |
| Government-sponsored enterprises; debt securities; asset | FA404022005 | 13.9 | 56.0 | 61.5 | -23.9 | 51.9 | 57.6 | 160.4 | 25.9 | 137.8 | 47 |
| Issuers of asset-backed securities; debt securities; asset | FA674022005 | 4.6 | -5.0 | -2.7 | -9.0 | -9.3 | 7.3 | 0.1 | -8.2 | -7.4 | 48 |
| Finance companies; corporate and foreign bonds; asset | FA613063003 | -4.2 | -25.8 | -7.6 | 4.4 | 33.5 | -62.0 | -6.2 | -0.4 | -0.9 | 49 |
| Mortgage real estate investment trusts; debt securities; asset | FA644022075 | -1.3 | 23.8 | 17.6 | 8.8 | 21.4 | 51.8 | -11.4 | 56.3 | 30.2 | 50 |
| Security brokers and dealers; debt securities; asset | FA664022005 | 134.7 | 222.5 | 176.8 | 378.8 | 93.8 | 109.0 | 125.5 | 504.6 | 411.0 | 51 |
| Holding companies; long-term debt securities; asset | FA734022605 | 58.6 | -4.9 | -3.6 | -37.6 | 13.8 | -9.6 | 18.8 | 10.3 | -30.5 | 52 |
| Other financial business; debt securities; asset | FA504022005 | 96.1 | -44.5 | 3.7 | -23.6 | 104.5 | 3.5 | -69.3 | 165.0 | 347.7 | 53 |
| Rest of the world; debt securities, excluding negotiable certificates of deposit; asset | FA264022005 | 720.3 | 1250.9 | 1014.2 | 1242.2 | 646.5 | 1507.0 | 661.1 | 1497.8 | 811.3 | 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: September 11, 2025