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 | 2022 | 2023 | 2024 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| All sectors; total debt securities; liability | FL894122005 | 55869.6 | 59017.5 | 61868.4 | 59878.4 | 60112.4 | 61346.2 | 61868.4 | 62713.6 | 63149.4 | 1 |
| All sectors; open market paper; liability | FL893169175 | 1203.7 | 1219.5 | 1211.3 | 1233.6 | 1217.5 | 1242.1 | 1211.3 | 1318.8 | 1389.7 | 2 |
| Federal government; total marketable Treasury securities; liability | FL313161105 | 23845.0 | 26226.6 | 28139.5 | 26808.6 | 26903.1 | 27586.4 | 28139.5 | 28447.3 | 28518.3 | 3 |
| All sectors; U.S. government agency securities; liability | FL893161705 | 11678.6 | 11976.0 | 12274.6 | 11973.7 | 12057.5 | 12137.8 | 12274.6 | 12296.5 | 12438.7 | 4 |
| Domestic nonfinancial sectors; municipal securities; liability | FL383162005 | 4058.8 | 4082.2 | 4201.0 | 4107.2 | 4153.6 | 4188.5 | 4201.0 | 4236.5 | 4307.5 | 5 |
| All sectors; corporate and foreign bonds; liability | FL893163005 | 15083.6 | 15513.2 | 16042.1 | 15755.3 | 15780.7 | 16191.4 | 16042.1 | 16414.5 | 16495.1 | 6 |
| All sectors; total debt securities; liability | FL894122005 | 55869.6 | 59017.5 | 61868.4 | 59878.4 | 60112.4 | 61346.2 | 61868.4 | 62713.6 | 63149.4 | 7 |
| Domestic nonfinancial sectors; debt securities; liability | FL384122005 | 35313.2 | 37947.8 | 40229.1 | 38679.6 | 38869.4 | 39686.0 | 40229.1 | 40725.7 | 40850.0 | 8 |
| Nonprofit organizations; municipal securities; liability (2) | FL163162003 | 204.6 | 206.8 | 215.2 | 209.3 | 212.8 | 214.6 | 215.2 | 217.2 | 223.1 | 9 |
| Nonfinancial corporate business; debt securities; liability | FL104122005 | 8012.6 | 8240.4 | 8502.8 | 8370.4 | 8426.0 | 8526.5 | 8502.8 | 8662.2 | 8653.8 | 10 |
| Federal government; debt securities; liability | FL314122005 | 23864.8 | 26246.7 | 28159.9 | 26828.6 | 26923.4 | 27606.7 | 28159.9 | 28468.0 | 28539.5 | 11 |
| State and local governments; municipal securities; liability | FL213162005 | 3231.2 | 3253.8 | 3351.2 | 3271.4 | 3307.3 | 3338.2 | 3351.2 | 3378.3 | 3433.6 | 12 |
| Domestic financial sectors; debt securities; liability | FL794122005 | 16854.9 | 17342.0 | 17900.3 | 17489.9 | 17509.7 | 17817.3 | 17900.3 | 18127.7 | 18361.0 | 13 |
| U.S.-chartered depository institutions; debt securities; liability | FL764122005 | 446.6 | 442.9 | 415.5 | 438.3 | 433.1 | 447.5 | 415.5 | 441.2 | 455.4 | 14 |
| Foreign banking offices in the U.S.; open market paper; liability | FL753169175 | 106.7 | 146.0 | 173.3 | 152.2 | 158.0 | 167.4 | 173.3 | 165.1 | 172.0 | 15 |
| Government-sponsored enterprises; GSE issues; liability | FL403161705 | 8970.8 | 9085.1 | 9209.5 | 9047.5 | 9086.5 | 9123.1 | 9209.5 | 9197.8 | 9290.6 | 16 |
| Agency-and GSE-backed mortgage pools; total mortgages; asset | FL413065005 | 2687.9 | 2870.7 | 3044.6 | 2906.2 | 2950.8 | 2994.4 | 3044.6 | 3078.0 | 3127.1 | 17 |
| Issuers of asset-backed securities; debt securities; liability | FL674122005 | 1471.7 | 1508.0 | 1629.6 | 1530.2 | 1539.7 | 1592.0 | 1629.6 | 1677.0 | 1704.2 | 18 |
| Finance companies; debt securities; liability | FL614122005 | 1062.4 | 1155.6 | 1220.5 | 1169.7 | 1197.8 | 1217.1 | 1220.5 | 1229.7 | 1223.4 | 19 |
| Mortgage real estate investment trusts; debt securities; liability | FL644122075 | 213.4 | 212.9 | 210.3 | 212.1 | 207.2 | 209.5 | 210.3 | 211.5 | 213.8 | 20 |
| Security brokers and dealers; corporate and foreign bonds; liability | FL663163003 | 236.1 | 236.2 | 327.3 | 251.0 | 259.1 | 327.2 | 327.3 | 358.3 | 377.2 | 21 |
| Holding companies; debt securities; liability | FL734122005 | 1541.8 | 1556.3 | 1542.1 | 1632.5 | 1535.2 | 1590.3 | 1542.1 | 1607.0 | 1637.1 | 22 |
| Other financial business; debt securities; liability | FL504122005 | 117.4 | 128.2 | 127.6 | 150.2 | 142.4 | 148.8 | 127.6 | 162.1 | 160.3 | 23 |
| Rest of the world; debt securities, excluding negotiable certificates of deposit; liability | LM264122005 | 3701.5 | 3727.7 | 3739.1 | 3708.9 | 3733.2 | 3842.9 | 3739.1 | 3860.3 | 3938.4 | 24 |
| All sectors; total debt securities; asset | FL894022005 | 50744.2 | 55098.8 | 57748.0 | 55659.3 | 55700.1 | 58609.7 | 57748.0 | 59360.1 | 60108.6 | 25 |
| Domestic nonfinancial sectors; debt securities; asset | FL384022005 | 7287.0 | 8508.2 | 8883.1 | 8432.8 | 8636.1 | 9029.3 | 8883.1 | 9001.6 | 9187.4 | 26 |
| Households and nonprofit organizations; debt securities; asset | LM154022005 | 4540.2 | 5549.7 | 5754.5 | 5440.2 | 5600.1 | 5844.4 | 5754.5 | 5783.7 | 5876.6 | 27 |
| Nonfinancial corporate business; debt securities; asset | LM104022005 | 382.2 | 400.1 | 405.4 | 408.0 | 397.6 | 418.0 | 405.4 | 415.2 | 411.3 | 28 |
| Nonfinancial noncorporate business; debt securities; asset | LM114022005 | 85.7 | 87.8 | 90.0 | 88.3 | 88.8 | 89.3 | 90.0 | 90.6 | 91.0 | 29 |
| Federal government; debt securities; asset | FL314022005 | 4.9 | 4.4 | 7.0 | 4.0 | 4.1 | 3.7 | 7.0 | 9.2 | 7.4 | 30 |
| State and local governments; debt securities; asset | LM214022005 | 2274.0 | 2466.2 | 2626.1 | 2492.2 | 2545.6 | 2673.9 | 2626.1 | 2702.8 | 2801.3 | 31 |
| Domestic financial sectors; debt securities; asset | FL794022005 | 31192.9 | 32778.9 | 34382.2 | 33189.0 | 33094.5 | 34783.0 | 34382.2 | 35270.7 | 35547.0 | 32 |
| Monetary authority; debt securities; asset | LM714022005 | 7353.4 | 6527.6 | 5695.4 | 6208.3 | 5959.3 | 6066.3 | 5695.4 | 5710.7 | 5641.6 | 33 |
| U.S.-chartered depository institutions; debt securities; asset | LM764022005 | 5495.7 | 5244.1 | 5336.5 | 5304.7 | 5257.2 | 5467.3 | 5336.5 | 5499.3 | 5578.3 | 34 |
| Foreign banking offices in the U.S.; debt securities; asset | LM754022005 | 297.8 | 271.5 | 298.5 | 283.9 | 291.6 | 297.3 | 298.5 | 295.1 | 316.5 | 35 |
| Banks in U.S.-affiliated areas; debt securities; asset | LM744022003 | 50.9 | 73.2 | 79.2 | 74.1 | 76.8 | 77.1 | 79.2 | 80.8 | 81.8 | 36 |
| Credit unions; debt securities; asset | LM474022005 | 383.6 | 352.3 | 344.8 | 348.4 | 346.9 | 352.7 | 344.8 | 354.6 | 359.3 | 37 |
| Property-casualty insurance companies; debt securities; asset | LM514022005 | 1241.7 | 1363.7 | 1557.0 | 1409.2 | 1504.3 | 1642.3 | 1557.0 | 1659.8 | 1653.3 | 38 |
| Life insurance companies; debt securities; asset | LM544022005 | 3905.3 | 4015.8 | 4189.0 | 4050.4 | 4059.7 | 4293.4 | 4189.0 | 4286.3 | 4386.4 | 39 |
| Private pension funds; debt securities; asset | LM574022005 | 1487.4 | 1634.1 | 1675.2 | 1632.0 | 1636.2 | 1720.6 | 1675.2 | 1718.9 | 1741.8 | 40 |
| Federal government retirement funds; debt securities; asset | LM344022005 | 39.7 | 43.2 | 44.7 | 43.3 | 42.2 | 45.6 | 44.7 | 46.0 | 46.5 | 41 |
| State and local government employee defined benefit retirement funds retirement funds; debt securities; asset | LM224022045 | 1026.2 | 1092.8 | 1238.2 | 1124.6 | 1191.8 | 1278.9 | 1238.2 | 1269.4 | 1263.0 | 42 |
| Money market funds; debt securities; asset | FL634022005 | 2022.0 | 3414.8 | 4326.6 | 3742.0 | 3611.5 | 3887.4 | 4326.6 | 4252.5 | 4069.4 | 43 |
| Mutual funds; debt securities; asset (market value) | LM654022005 | 4793.8 | 5065.4 | 5408.6 | 5192.9 | 5225.5 | 5493.4 | 5408.6 | 5556.0 | 5569.2 | 44 |
| Closed-end funds; debt securities; asset | LM554022005 | 147.7 | 148.9 | 145.5 | 149.7 | 148.5 | 151.2 | 145.5 | 144.0 | 144.2 | 45 |
| Exchange-traded funds; debt securities; asset | LM564022005 | 1258.7 | 1493.5 | 1756.7 | 1531.4 | 1588.3 | 1740.8 | 1756.7 | 1883.3 | 1973.0 | 46 |
| Government-sponsored enterprises; debt securities; asset | LM404022005 | 395.6 | 456.4 | 520.7 | 451.5 | 464.7 | 490.8 | 520.7 | 535.4 | 570.7 | 47 |
| Issuers of asset-backed securities; debt securities; asset | FL674022005 | 36.4 | 31.4 | 28.7 | 29.2 | 26.9 | 28.7 | 28.7 | 26.7 | 24.8 | 48 |
| Finance companies; corporate and foreign bonds; asset | LM613063003 | 52.0 | 28.3 | 21.0 | 29.1 | 37.2 | 23.5 | 21.0 | 21.2 | 21.2 | 49 |
| Mortgage real estate investment trusts; debt securities; asset | LM644022075 | 159.0 | 187.4 | 205.9 | 188.5 | 194.1 | 213.1 | 205.9 | 222.8 | 231.2 | 50 |
| Security brokers and dealers; debt securities; asset | LM664022005 | 613.3 | 853.6 | 1028.7 | 940.7 | 963.2 | 1025.1 | 1028.7 | 1172.9 | 1279.3 | 51 |
| Holding companies; long-term debt securities; asset | LM734022605 | 181.7 | 182.4 | 177.0 | 170.8 | 173.7 | 178.8 | 177.0 | 182.4 | 175.4 | 52 |
| Other financial business; debt securities; asset | FL504022005 | 251.0 | 298.4 | 304.0 | 284.4 | 295.1 | 308.7 | 304.0 | 352.6 | 420.0 | 53 |
| Rest of the world; debt securities, excluding negotiable certificates of deposit; asset | LM264022005 | 12264.3 | 13811.7 | 14482.7 | 14037.4 | 13969.4 | 14797.5 | 14482.7 | 15087.8 | 15374.1 | 54 |
| Instrument discrepancies; debt securities (level) (3) | LM904022005 | 5125.4 | 3918.7 | 4120.5 | 4219.2 | 4412.3 | 2736.5 | 4120.5 | 3353.5 | 3040.8 | 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: September 11, 2025