Financial Accounts of the United States - Z.1
F.209 Open Market Paper
Billions of dollars; quarterly figures are seasonally adjusted annual rates| Description | Series code | 2022 | 2023 | 2024 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| All sectors; open market paper; liability | FA893169175 | 151.9 | 15.8 | -8.2 | -52.1 | 83.6 | -105.4 | 359.3 | 297.2 | -51.0 | 1 |
| All sectors; commercial paper; liability | FA893169105 | 151.9 | 15.8 | -8.2 | -52.1 | 83.6 | -105.4 | 359.3 | 297.2 | -51.0 | 2 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | 59.3 | 20.4 | -21.6 | -18.5 | -166.3 | 15.6 | 145.9 | 190.7 | -77.6 | 3 |
| Rest of the world; commercial paper; liability | FA263169105 | -89.9 | -12.1 | -23.3 | -14.3 | 37.1 | -82.3 | 107.2 | -53.5 | -52.8 | 4 |
| Rest of the world; commercial paper issued by nonfinancial firms; liability | FA263169110 | -9.0 | -8.4 | -1.6 | 17.3 | -22.9 | -22.4 | 29.7 | -13.2 | -26.9 | 5 |
| Rest of the world; commercial paper issued by financial firms; liability | FA263169123 | -80.8 | -3.7 | -21.7 | -31.6 | 60.0 | -59.9 | 77.5 | -40.3 | -25.9 | 6 |
| Domestic financial sectors; commercial paper; liability | FA793169100 | 182.5 | 7.5 | 36.7 | -19.3 | 212.8 | -38.7 | 106.2 | 160.0 | 79.4 | 7 |
| U.S.-chartered depository institutions; asset-backed commercial paper; liability | FA763169103 | 66.6 | 1.7 | -12.4 | -6.0 | 26.6 | -62.1 | 48.0 | 99.3 | -63.7 | 8 |
| Foreign banking offices in the U.S.; asset-backed commercial paper; liability | FA753169103 | 53.0 | 39.3 | 27.3 | 23.1 | 37.5 | 23.8 | -35.3 | 77.6 | 37.4 | 9 |
| Issuers of asset-backed securities; commercial paper, excluding U.S.-chartered commercial banks' asset-backed commercial paper; liability | FA673169105 | 55.8 | -58.1 | 37.3 | -20.7 | 108.3 | 47.7 | 39.9 | -37.6 | 39.4 | 10 |
| Finance companies; commercial paper; liability | FA613169100 | 8.9 | 10.7 | -9.1 | 23.6 | -20.3 | 25.9 | -37.6 | 26.8 | -10.4 | 11 |
| Mortgage real estate investment trusts; commercial paper; liability | FA643169173 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 12 |
| Holding companies; commercial paper; liability | FA733169103 | 1.4 | 3.1 | -5.6 | -6.6 | -14.2 | 3.4 | 6.7 | 4.5 | -14.3 | 13 |
| Other financial business; commercial paper; liability | FA503169105 | -3.2 | 10.8 | -0.6 | -32.7 | 74.9 | -77.4 | 84.4 | -10.6 | 91.0 | 14 |
| Private depository institutions; bankers' acceptances; liability (1) | FA703169605 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 15 |
| U.S.-chartered depository institutions; bankers' acceptances; liability | FA763169603 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 16 |
| Foreign banking offices in the U.S.; bankers' acceptances; liability | FA753169603 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 17 |
| All sectors; open market paper; liability | FA893169175 | 151.9 | 15.8 | -8.2 | -52.1 | 83.6 | -105.4 | 359.3 | 297.2 | -51.0 | 18 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | -39.4 | -7.0 | -3.3 | 42.4 | -46.3 | -71.3 | 63.0 | -46.2 | 30.5 | 19 |
| State and local governments; commercial paper; asset | FA213069103 | 33.0 | 3.4 | -0.2 | -14.0 | 21.4 | -20.3 | 92.9 | 56.4 | -44.7 | 20 |
| Monetary authority; bankers' acceptances; asset | FA713069603 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 21 |
| U.S.-chartered depository institutions; open market paper; asset (1) | FA763069175 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 22 |
| Foreign banking offices in the U.S.; bankers' acceptances; asset (1) | FA753069603 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 23 |
| Credit unions; commercial paper held by Corporate Credit Unions; asset | FA473069153 | -0.2 | -0.1 | 0.1 | 0.4 | 0.2 | -0.3 | 0.0 | 0.2 | -0.2 | 24 |
| Property-casualty insurance companies; commercial paper, including those held by U.S. residual market reinsurers; asset | FA513069105 | -0.2 | 2.1 | -1.0 | 8.8 | 0.2 | -15.4 | 1.0 | -4.6 | 6.2 | 25 |
| Life insurance companies; commercial paper; asset | FA543069105 | -16.1 | 5.2 | 5.7 | -2.3 | 18.0 | 7.6 | 2.9 | -18.6 | 4.6 | 26 |
| Private pension funds; total commercial paper; asset | FA573069105 | -6.8 | -0.0 | -1.6 | -1.6 | -1.6 | -1.7 | -1.6 | -1.7 | -1.6 | 27 |
| State and local government employee defined benefit retirement funds; commercial paper; asset | FA223069143 | -9.3 | 0.6 | 0.8 | -1.6 | -12.8 | 8.2 | -3.1 | 3.4 | 0.4 | 28 |
| Money market funds; open market paper; asset | FA633069175 | 27.6 | 48.0 | -2.4 | -166.3 | 61.9 | 111.1 | 30.6 | -76.7 | 19.1 | 29 |
| Mutual funds; commercial paper; asset | FA653069100 | 0.0 | -1.0 | -3.1 | -19.9 | 31.5 | -34.9 | 6.0 | -1.3 | 30.2 | 30 |
| Government-sponsored enterprises; commercial paper; asset | FA403069105 | 5.5 | 1.4 | -2.8 | -5.9 | 2.8 | -6.7 | -1.1 | -1.5 | -6.4 | 31 |
| Security brokers and dealers; commercial paper (net); asset | FA663069105 | 2.7 | 0.6 | 12.4 | -6.5 | 57.8 | -22.9 | 3.0 | 54.5 | 6.1 | 32 |
| Other financial business; commercial paper; asset | FA503069105 | 101.3 | -61.6 | -29.6 | 75.0 | -83.9 | -76.6 | 150.0 | 347.9 | -133.5 | 33 |
| Rest of the world; commercial paper; asset | FA263069103 | 53.8 | 24.3 | 16.9 | 39.4 | 34.3 | 18.0 | 15.9 | -14.4 | 38.5 | 34 |
NOTES
- Excludes banks' holdings of own acceptances.
Last Update: January 9, 2026