Financial Accounts of the United States - Z.1
F.212 Municipal Securities
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Domestic nonfinancial sectors; municipal securities; liability | FA383162005 | -50.4 | 24.3 | 119.7 | 242.4 | 166.4 | -68.8 | 187.1 | 351.3 | 198.2 | 1 |
| State and local governments; municipal securities; liability | FA213162005 | -50.3 | 23.3 | 98.2 | 198.8 | 138.4 | -46.3 | 145.5 | 284.0 | 191.4 | 2 |
| State and local governments; short-term municipal securities; liability (1) | FA213162400 | -7.5 | 1.4 | 7.5 | 4.7 | 24.2 | -4.4 | -7.1 | 5.7 | 24.8 | 3 |
| State and local governments; long-term municipal securities; liability | FA213162200 | -42.8 | 21.9 | 90.7 | 194.1 | 114.3 | -41.9 | 152.6 | 278.3 | 166.6 | 4 |
| Nonprofit organizations; municipal securities; liability (2) | FA163162003 | -0.9 | 2.3 | 8.4 | 14.3 | 7.1 | 2.3 | 8.3 | 24.0 | 12.1 | 5 |
| Nonfinancial corporate business; municipal securities; liability | FA103162000 | 0.8 | -1.3 | 13.0 | 29.4 | 20.8 | -24.8 | 33.4 | 43.3 | -5.2 | 6 |
| All sectors; municipal securities; asset | FA893062005 | -50.4 | 24.3 | 119.7 | 242.4 | 166.4 | -68.8 | 187.1 | 351.3 | 198.2 | 7 |
| Households and nonprofit organizations; municipal securities; asset | FA153062005 | 46.1 | 94.2 | 93.6 | 231.4 | 90.0 | -61.7 | 96.2 | 277.6 | 76.2 | 8 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | 4.3 | -4.1 | 1.1 | 2.1 | 0.8 | 0.2 | 2.0 | 3.1 | 0.9 | 9 |
| Nonfinancial noncorporate business; municipal securities; asset | FA113062003 | -0.9 | -0.0 | 0.1 | 0.1 | -0.2 | 0.3 | 0.3 | 0.2 | -0.2 | 10 |
| State and local governments; municipal securities; asset | FA213062003 | 5.0 | 1.9 | 2.4 | 3.9 | 4.4 | -1.4 | 4.9 | 7.0 | 0.9 | 11 |
| U.S.-chartered depository institutions; municipal securities; asset | FA763062005 | -4.0 | -57.2 | -35.9 | -16.6 | -29.4 | -53.1 | -4.6 | -5.9 | -13.0 | 12 |
| Foreign banking offices in the U.S.; municipal securities; asset | FA753062003 | 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 | FA743062003 | -0.0 | 0.0 | -0.0 | 0.0 | -0.0 | 0.0 | 0.1 | 0.0 | 0.5 | 14 |
| Credit unions; municipal securities; asset | FA473062005 | 0.1 | -0.4 | -0.5 | -0.3 | 0.2 | -2.0 | 0.5 | -0.1 | -1.1 | 15 |
| Property-casualty insurance companies; municipal securities, including those held by U.S. residual market reinsurers; asset | FA513062005 | -7.7 | -29.3 | -10.8 | -9.6 | 2.5 | -13.7 | -7.4 | 6.2 | 1.5 | 16 |
| Life insurance companies; municipal securities; asset | FA543062005 | 4.0 | -9.7 | -14.1 | -19.1 | -15.8 | -12.9 | -4.6 | 2.5 | 6.1 | 17 |
| Federal government retirement funds; municipal securities held by National Railroad Retirement Investment Trust; asset | FA343062033 | -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 | FA223062043 | 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 | FA633062000 | 7.0 | 11.7 | 8.9 | 7.5 | 21.2 | -2.3 | 17.2 | -4.0 | 23.9 | 20 |
| Mutual funds; municipal securities; asset (market value) | FA653062003 | -135.0 | -1.1 | 50.7 | 19.6 | 68.3 | 48.3 | 45.8 | 16.4 | 60.7 | 21 |
| Closed-end funds; municipal securities; asset | FA553062003 | -0.5 | -0.7 | -1.0 | -0.9 | -0.1 | -2.9 | -0.6 | 0.0 | -1.4 | 22 |
| Exchange-traded funds; municipal securities; asset | FA563062003 | 29.3 | 14.8 | 17.1 | 10.1 | 26.8 | 29.1 | 22.2 | 34.8 | 42.0 | 23 |
| Government-sponsored enterprises; municipal securities and Sallie Mae public academic facilities financing and Sallie Mae public warehousing advances; asset | FA403062005 | -0.2 | 0.1 | 0.1 | -0.1 | -0.0 | 0.4 | 0.3 | 0.7 | -0.5 | 24 |
| Security brokers and dealers; municipal securities (net) ; asset | FA663062005 | 0.7 | 0.9 | 2.1 | 10.6 | -9.0 | -1.5 | 8.1 | 6.6 | -3.5 | 25 |
| Other financial business; municipal securities held by COVID-19 Municipal Liquidity Facility (MLF); asset | FA503062003 | -1.2 | -2.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 26 |
| Rest of the world; municipal securities; asset | FA263062003 | 2.7 | 6.2 | 5.7 | 3.6 | 6.8 | 4.5 | 6.8 | 6.2 | 5.5 | 27 |
NOTES
- Debt with original maturity of 13 months or less.
- Liability of the households and nonprofit organizations sector (table F.101).
Last Update: January 9, 2026