Financial Accounts of the United States - Z.1
L.207 Federal Funds and Security Repurchase Agreements (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted| Description | Series code | 2022 | 2023 | 2024 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| All sectors; federal funds and security repurchase agreements; liability | FL892150005 | 6566.9 | 6189.7 | 5843.7 | 6231.7 | 6222.3 | 5843.7 | 6452.9 | 6709.6 | 6298.4 | 1 |
| Monetary authority; security repurchase agreements; liability | FL712151003 | 2889.6 | 1390.7 | 888.4 | 1053.1 | 900.0 | 888.4 | 804.6 | 859.7 | 425.3 | 2 |
| U.S.-chartered depository institutions, including IBFs; federal funds and security repurchase agreements; liability | FL762150005 | 185.3 | 244.2 | 261.8 | 284.1 | 284.0 | 261.8 | 276.1 | 325.0 | 294.3 | 3 |
| U.S.-chartered depository institutions, including IBFs; federal funds; liability (2) | FL762152005 | 39.0 | 22.9 | 15.5 | 17.8 | 17.3 | 15.5 | 18.0 | 19.8 | 17.5 | 4 |
| U.S.-chartered depository institutions, including IBFs; security repurchase agreements; liability | FL762151005 | 146.3 | 221.4 | 246.3 | 266.3 | 266.7 | 246.3 | 258.1 | 305.2 | 276.8 | 5 |
| Foreign banking offices in the U.S., including IBFs; federal funds and security repurchase agreements; liability | FL752150005 | 464.2 | 551.5 | 436.4 | 586.1 | 456.8 | 436.4 | 470.4 | 488.6 | 490.2 | 6 |
| Foreign banking offices in the U.S., including IBFs; federal funds; liability (2) | FL752152005 | 11.7 | 14.6 | 18.7 | 24.3 | 30.8 | 18.7 | 33.2 | 34.7 | 34.6 | 7 |
| Foreign banking offices in the U.S., including IBFs; security repurchase agreements; liability | FL752151005 | 452.4 | 536.9 | 417.7 | 561.8 | 426.0 | 417.7 | 437.2 | 454.0 | 455.7 | 8 |
| Credit unions; federal funds and security repurchase agreements held by Corporate Credit Unions; liability | FL472150053 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 9 |
| Property-casualty insurance companies; security repurchase agreements; liability | FL512151003 | 0.2 | 2.5 | 2.1 | 3.7 | 3.7 | 2.1 | 2.2 | 1.8 | 2.4 | 10 |
| Life insurance companies, general accounts; security repurchase agreements; liability | FL542151073 | 36.4 | 36.1 | 41.7 | 36.9 | 40.3 | 41.7 | 45.2 | 39.3 | 36.4 | 11 |
| Government-sponsored enterprises; federal funds and security repurchase agreements; liability | FL402150005 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 12 |
| Issuers of asset-backed securities; security repurchase agreements; liability | FL672151003 | 3.0 | 6.0 | 12.5 | 8.0 | 12.0 | 12.5 | 12.8 | 18.5 | 21.5 | 13 |
| Mortgage real estate investment trusts; security repurchase agreements; liability | FL642151073 | 201.3 | 218.7 | 235.0 | 222.7 | 241.2 | 235.0 | 247.7 | 260.0 | 282.4 | 14 |
| Security brokers and dealers; security repurchase agreements; liability | FL662151003 | 1626.1 | 2110.0 | 2336.0 | 2379.5 | 2507.7 | 2336.0 | 2697.5 | 2712.6 | 2699.0 | 15 |
| Holding companies; security repurchase agreements; liability | FL732151003 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 16 |
| Rest of the world; security repurchase agreements, including other claims in official reserves; liability | FL262151005 | 1160.8 | 1630.0 | 1629.8 | 1657.8 | 1776.5 | 1629.8 | 1896.3 | 2004.0 | 2047.1 | 17 |
| All sectors; federal funds and security repurchase agreements; asset | FL892050005 | 6722.8 | 6874.4 | 7102.1 | 6983.5 | 7341.4 | 7102.1 | 7817.8 | 8100.0 | 7827.6 | 18 |
| Nonfinancial corporate business; security repurchase agreements; asset | FL102051003 | 30.1 | 27.0 | 45.9 | 28.3 | 34.1 | 45.9 | 56.1 | 54.0 | 69.0 | 19 |
| Federal government; other U.S. reserves, other claims (repurchase agreements); asset | FL313011545 | 0.0 | 0.0 | -0.0 | -0.0 | 2.1 | -0.0 | 0.0 | 0.0 | 1.4 | 20 |
| State and local governments; security repurchase agreements; asset | FL212051003 | 199.5 | 211.7 | 220.5 | 216.4 | 226.2 | 220.5 | 223.7 | 230.2 | 236.5 | 21 |
| Monetary authority; security repurchase agreements, including other claims in official reserves; asset | FL712051005 | 0.0 | 0.0 | -0.0 | 0.0 | 4.7 | -0.0 | 1.3 | 11.1 | 7.4 | 22 |
| U.S.-chartered depository institutions, including IBFs; federal funds and security repurchase agreements; asset | FL762050005 | 330.8 | 321.6 | 337.7 | 288.2 | 363.2 | 337.7 | 349.4 | 390.6 | 357.6 | 23 |
| U.S.-chartered depository institutions, including IBFs; federal funds; asset (2) | FL762052005 | 26.2 | 13.6 | 15.0 | 13.9 | 14.2 | 15.0 | 17.8 | 15.8 | 15.5 | 24 |
| U.S.-chartered depository institutions, including IBFs; security repurchase agreements; asset | FL762051005 | 304.6 | 307.9 | 322.7 | 274.4 | 349.1 | 322.7 | 331.6 | 374.7 | 342.1 | 25 |
| Foreign banking offices in the U.S. including IBFs; federal funds and security repurchase agreements; asset | FL752050005 | 265.3 | 335.2 | 360.6 | 364.3 | 365.8 | 360.6 | 432.9 | 426.4 | 429.7 | 26 |
| Foreign banking offices in the U.S., including IBFs; federal funds; asset (2) | FL752052005 | 0.3 | 0.1 | 0.1 | 0.1 | 0.2 | 0.1 | 0.0 | 0.0 | 0.3 | 27 |
| Foreign banking offices in the U.S., including IBFs; security repurchase agreements; asset | FL752051005 | 265.0 | 335.1 | 360.6 | 364.2 | 365.6 | 360.6 | 432.9 | 426.4 | 429.4 | 28 |
| Credit unions; federal funds and security repurchase agreements held by Corporate Credit Unions (net of liabilities before 2002:Q4); asset | FL472050053 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 29 |
| Credit unions; federal funds held by Corporate Credit Unions; asset | FL472052053 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 30 |
| Credit unions; security repurchase agreements held by Corporate Credit Unions; asset | FL472051055 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 31 |
| Property-casualty insurance companies; security repurchase agreements, including those held by U.S. residual market reinsurers; asset | FL512051005 | 2.3 | 0.4 | 1.0 | 0.9 | 1.3 | 1.0 | 1.1 | 0.9 | 1.1 | 32 |
| Life insurance companies, general accounts; security repurchase agreements, including those held by U.S. captive reinsurers; asset | FL542051075 | 4.7 | 5.6 | 5.4 | 5.3 | 5.5 | 5.4 | 5.9 | 5.1 | 4.7 | 33 |
| Private pension funds; security repurchase agreements; asset | FL572051005 | 14.4 | 14.3 | 13.2 | 13.8 | 13.5 | 13.2 | 12.9 | 12.6 | 12.4 | 34 |
| State and local government employee defined benefit retirement funds; security repurchase agreements; asset | FL222051043 | 48.0 | 59.0 | 110.2 | 73.9 | 78.4 | 110.2 | 109.3 | 113.2 | 109.3 | 35 |
| Money market funds; security repurchase agreements; asset | FL632051000 | 2976.6 | 2665.9 | 2620.2 | 2614.9 | 2688.4 | 2620.2 | 2821.3 | 3105.3 | 2772.4 | 36 |
| Mutual funds; security repurchase agreements (net); asset | FL652051003 | 25.9 | 21.1 | 13.4 | 17.0 | 16.0 | 13.4 | 14.8 | 20.2 | 20.9 | 37 |
| Government-sponsored enterprises; federal funds and security repurchase agreements; asset | FL402050005 | 252.2 | 272.2 | 341.0 | 269.8 | 303.9 | 341.0 | 356.5 | 361.7 | 344.4 | 38 |
| Government-sponsored enterprises; federal funds held by FHLB; asset (3) | FL402052033 | 65.9 | 57.9 | 51.6 | 66.4 | 74.6 | 51.6 | 78.3 | 80.5 | 91.3 | 39 |
| Security brokers and dealers; security repurchase agreements; asset | FL662051003 | 1461.5 | 1625.8 | 1689.9 | 1708.8 | 1831.8 | 1689.9 | 1930.5 | 1855.5 | 1855.0 | 40 |
| Holding companies; security repurchase agreements; asset | FL732051003 | 6.1 | 3.9 | 2.4 | 2.0 | 1.9 | 2.4 | 4.4 | 0.0 | 3.5 | 41 |
| Other financial business; security repurchase agreements; asset | FL502051005 | 3.9 | 5.4 | 4.1 | 4.7 | 4.6 | 4.1 | 3.9 | 5.2 | 4.8 | 42 |
| Rest of the world; security repurchase agreements; asset | FL262051005 | 1101.4 | 1305.4 | 1336.4 | 1375.0 | 1399.8 | 1336.4 | 1493.9 | 1507.9 | 1597.4 | 43 |
| Instrument discrepancies; federal funds and security repurchase agreements | FL902050005 | -155.9 | -684.7 | -1258.4 | -751.7 | -1119.1 | -1258.4 | -1364.9 | -1390.4 | -1529.2 | 44 |
| Interest rates and price indexes; effective Federal funds rate (percent) (4) | FL072052006 | 4.10 | 5.33 | 4.48 | 5.33 | 5.13 | 4.48 | 4.33 | 4.33 | 4.22 | 45 |
| Monetary authority; security repurchase agreements, reverse repurchase agreement operations; liability (5) | FL712151103 | 2553.7 | 1018.5 | 473.5 | 664.6 | 465.6 | 473.5 | 399.2 | 460.7 | 49.1 | 46 |
| Money market funds; security repurchase agreements (Federal Reserve reverse repurchase agreement operations); asset (6) | FL632051103 | 2339.6 | 968.7 | 382.4 | 618.3 | 429.8 | 382.4 | 348.7 | 389.4 | 22.1 | 47 |
| Domestic financial sectors, excluding money market funds; security repurchase agreements (Federal Reserve Reverse Repurchase Agreement Operational Exercise); asset (7) | FL792051115 | 214.1 | 49.8 | 91.0 | 46.3 | 35.9 | 91.0 | 50.5 | 71.4 | 27.0 | 48 |
NOTES
- Detailed data on federal funds and security repurchase agreements are available beginning 2012:Q1 for U.S.-chartered depository institutions, 2003:Q1 for foreign banking offices in U.S., 1997:Q1 for credit unions, and 2000:Q1 for FHLB.
- Excludes term federal funds.
- Includes term federal funds.
- The effective federal funds rate is a weighted average of rates on brokered trades. Annualized using a 360-day year.
- Included in line 2.
- Included in line 35.
- Includes banks (consolidated), government-sponsored enterprises, and primary dealers.
Last Update: January 9, 2026