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 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| All sectors; total debt securities; liability | FL894122005 | 55882.0 | 59030.7 | 61883.9 | 60126.1 | 61358.8 | 61883.9 | 62721.8 | 63179.5 | 64390.4 | 1 |
| All sectors; open market paper; liability | FL893169175 | 1203.7 | 1219.5 | 1218.7 | 1217.5 | 1242.1 | 1218.7 | 1325.8 | 1390.8 | 1339.3 | 2 |
| Federal government; total marketable Treasury securities; liability | FL313161105 | 23845.0 | 26226.6 | 28139.5 | 26903.1 | 27586.4 | 28139.5 | 28447.3 | 28518.3 | 29571.6 | 3 |
| All sectors; U.S. government agency securities; liability | FL893161705 | 11678.6 | 11976.0 | 12274.6 | 12057.5 | 12137.8 | 12274.6 | 12296.5 | 12436.1 | 12458.6 | 4 |
| Domestic nonfinancial sectors; municipal securities; liability | FL383162005 | 4069.2 | 4093.5 | 4213.2 | 4165.5 | 4200.5 | 4213.2 | 4248.9 | 4320.1 | 4364.2 | 5 |
| All sectors; corporate and foreign bonds; liability | FL893163005 | 15085.5 | 15515.1 | 16038.0 | 15782.5 | 16191.9 | 16038.0 | 16403.4 | 16514.1 | 16656.6 | 6 |
| All sectors; total debt securities; liability | FL894122005 | 55882.0 | 59030.7 | 61883.9 | 60126.1 | 61358.8 | 61883.9 | 62721.8 | 63179.5 | 64390.4 | 7 |
| Domestic nonfinancial sectors; debt securities; liability | FL384122005 | 35325.6 | 37961.0 | 40244.0 | 38883.2 | 39699.8 | 40244.0 | 40739.5 | 40864.0 | 42032.1 | 8 |
| Nonprofit organizations; municipal securities; liability (2) | FL163162003 | 205.4 | 207.8 | 216.2 | 213.8 | 215.6 | 216.2 | 218.2 | 224.2 | 227.2 | 9 |
| Nonfinancial corporate business; debt securities; liability | FL104122005 | 8016.1 | 8243.9 | 8507.1 | 8429.3 | 8529.9 | 8507.1 | 8665.3 | 8656.9 | 8722.4 | 10 |
| Federal government; debt securities; liability | FL314122005 | 23864.8 | 26246.7 | 28159.9 | 26923.4 | 27606.7 | 28159.9 | 28468.0 | 28539.5 | 29593.7 | 11 |
| State and local governments; municipal securities; liability | FL213162005 | 3239.3 | 3262.6 | 3360.8 | 3316.7 | 3347.6 | 3360.8 | 3388.0 | 3443.4 | 3488.7 | 12 |
| Domestic financial sectors; debt securities; liability | FL794122005 | 16854.9 | 17342.0 | 17900.9 | 17509.7 | 17816.1 | 17900.9 | 18123.5 | 18418.3 | 18487.2 | 13 |
| U.S.-chartered depository institutions; debt securities; liability | FL764122005 | 446.6 | 442.9 | 415.5 | 433.1 | 447.5 | 415.5 | 439.7 | 483.5 | 449.4 | 14 |
| Foreign banking offices in the U.S.; open market paper; liability | FL753169175 | 106.7 | 146.0 | 173.3 | 158.0 | 167.4 | 173.3 | 164.5 | 183.9 | 193.2 | 15 |
| Government-sponsored enterprises; GSE issues; liability | FL403161705 | 8970.8 | 9085.1 | 9209.5 | 9086.5 | 9123.1 | 9209.5 | 9197.8 | 9287.9 | 9263.9 | 16 |
| Agency-and GSE-backed mortgage pools; total mortgages; asset | FL413065005 | 2687.9 | 2870.7 | 3044.6 | 2950.8 | 2994.4 | 3044.6 | 3078.0 | 3127.1 | 3172.7 | 17 |
| Issuers of asset-backed securities; debt securities; liability | FL674122005 | 1471.7 | 1508.0 | 1630.1 | 1539.7 | 1590.9 | 1630.1 | 1674.9 | 1713.5 | 1783.4 | 18 |
| Finance companies; debt securities; liability | FL614122005 | 1062.4 | 1155.6 | 1220.5 | 1197.8 | 1217.1 | 1220.5 | 1229.7 | 1233.8 | 1232.7 | 19 |
| Mortgage real estate investment trusts; debt securities; liability | FL644122075 | 213.4 | 212.9 | 210.4 | 207.2 | 209.5 | 210.4 | 211.5 | 213.8 | 220.7 | 20 |
| Security brokers and dealers; corporate and foreign bonds; liability | FL663163003 | 236.1 | 236.2 | 327.3 | 259.1 | 327.2 | 327.3 | 358.3 | 377.2 | 381.0 | 21 |
| Holding companies; debt securities; liability | FL734122005 | 1541.8 | 1556.3 | 1542.1 | 1535.2 | 1590.3 | 1542.1 | 1607.0 | 1637.1 | 1620.2 | 22 |
| Other financial business; debt securities; liability | FL504122005 | 117.4 | 128.2 | 127.6 | 142.4 | 148.8 | 127.6 | 162.1 | 160.6 | 170.0 | 23 |
| Rest of the world; debt securities, excluding negotiable certificates of deposit; liability | LM264122005 | 3701.5 | 3727.7 | 3739.1 | 3733.2 | 3842.9 | 3739.1 | 3858.8 | 3897.1 | 3871.2 | 24 |
| All sectors; total debt securities; asset | FL894022005 | 50623.0 | 55078.5 | 57726.9 | 55691.8 | 58600.8 | 57726.9 | 59352.8 | 60051.5 | 61981.8 | 25 |
| Domestic nonfinancial sectors; debt securities; asset | FL384022005 | 7274.1 | 8470.3 | 8827.1 | 8585.0 | 8974.1 | 8827.1 | 8937.7 | 9091.1 | 9349.3 | 26 |
| Households and nonprofit organizations; debt securities; asset | LM154022005 | 4531.1 | 5566.8 | 5822.2 | 5636.7 | 5897.9 | 5822.2 | 5864.7 | 5942.4 | 6133.3 | 27 |
| Nonfinancial corporate business; debt securities; asset | LM104022005 | 382.2 | 400.1 | 408.5 | 398.0 | 421.1 | 408.5 | 418.6 | 414.3 | 430.2 | 28 |
| Nonfinancial noncorporate business; debt securities; asset | LM114022005 | 85.7 | 87.8 | 90.0 | 88.8 | 89.3 | 90.0 | 90.6 | 91.0 | 91.7 | 29 |
| Federal government; debt securities; asset | FL314022005 | 4.4 | 3.9 | 6.5 | 3.6 | 3.2 | 6.5 | 8.7 | 8.6 | 6.9 | 30 |
| State and local governments; debt securities; asset | LM214022005 | 2270.7 | 2411.7 | 2499.8 | 2457.9 | 2562.5 | 2499.8 | 2555.0 | 2634.9 | 2687.3 | 31 |
| Domestic financial sectors; debt securities; asset | FL794022005 | 31084.6 | 32796.5 | 34417.1 | 33137.4 | 34829.3 | 34417.1 | 35320.6 | 35598.8 | 36925.8 | 32 |
| Monetary authority; debt securities; asset | LM714022005 | 7353.4 | 6527.6 | 5695.4 | 5959.3 | 6066.3 | 5695.4 | 5710.7 | 5643.3 | 5643.1 | 33 |
| U.S.-chartered depository institutions; debt securities; asset | LM764022005 | 5495.7 | 5244.1 | 5336.5 | 5257.2 | 5467.3 | 5336.5 | 5499.3 | 5574.3 | 5686.1 | 34 |
| Foreign banking offices in the U.S.; debt securities; asset | LM754022005 | 297.8 | 271.5 | 298.5 | 291.6 | 297.3 | 298.5 | 295.1 | 316.5 | 319.0 | 35 |
| Banks in U.S.-affiliated areas; debt securities; asset | LM744022003 | 50.9 | 73.2 | 79.2 | 76.8 | 77.1 | 79.2 | 80.8 | 81.8 | 78.7 | 36 |
| Credit unions; debt securities; asset | LM474022005 | 383.6 | 352.3 | 344.8 | 346.9 | 352.7 | 344.8 | 354.6 | 359.3 | 363.5 | 37 |
| Property-casualty insurance companies; debt securities; asset | LM514022005 | 1241.7 | 1363.7 | 1557.0 | 1503.9 | 1642.0 | 1557.0 | 1659.8 | 1653.3 | 1771.5 | 38 |
| Life insurance companies; debt securities; asset | LM544022005 | 3797.9 | 4015.8 | 4189.0 | 4083.7 | 4323.9 | 4189.0 | 4294.5 | 4394.9 | 4547.7 | 39 |
| Private pension funds; debt securities; asset | LM574022005 | 1487.4 | 1634.1 | 1696.2 | 1642.8 | 1736.0 | 1696.2 | 1748.6 | 1787.7 | 1836.6 | 40 |
| Federal government retirement funds; debt securities; asset | LM344022005 | 39.7 | 43.2 | 44.7 | 42.2 | 45.6 | 44.7 | 46.0 | 46.5 | 47.6 | 41 |
| State and local government employee defined benefit retirement funds retirement funds; debt securities; asset | LM224022045 | 1026.2 | 1111.6 | 1253.7 | 1206.3 | 1287.4 | 1253.7 | 1284.1 | 1260.1 | 1272.8 | 42 |
| Money market funds; debt securities; asset | FL634022005 | 2022.0 | 3414.8 | 4326.5 | 3611.3 | 3887.4 | 4326.5 | 4252.3 | 4069.4 | 4697.5 | 43 |
| Mutual funds; debt securities; asset (market value) | LM654022005 | 4793.9 | 5065.5 | 5408.7 | 5225.5 | 5493.4 | 5408.7 | 5556.0 | 5578.6 | 5751.1 | 44 |
| Closed-end funds; debt securities; asset | LM554022005 | 149.4 | 150.5 | 147.0 | 150.1 | 152.8 | 147.0 | 145.8 | 144.8 | 145.8 | 45 |
| Exchange-traded funds; debt securities; asset | LM564022005 | 1258.4 | 1493.4 | 1756.6 | 1588.1 | 1740.7 | 1756.6 | 1883.1 | 1972.7 | 2107.8 | 46 |
| Government-sponsored enterprises; debt securities; asset | LM404022005 | 395.6 | 456.4 | 520.7 | 464.7 | 490.8 | 520.7 | 535.4 | 570.7 | 571.6 | 47 |
| Issuers of asset-backed securities; debt securities; asset | FL674022005 | 36.4 | 31.4 | 26.2 | 26.9 | 25.9 | 26.2 | 22.6 | 20.4 | 19.0 | 48 |
| Finance companies; corporate and foreign bonds; asset | LM613063003 | 52.0 | 28.3 | 21.0 | 37.2 | 23.5 | 21.0 | 21.2 | 20.8 | 21.0 | 49 |
| Mortgage real estate investment trusts; debt securities; asset | LM644022075 | 159.0 | 187.4 | 205.9 | 194.1 | 213.1 | 205.9 | 222.8 | 231.2 | 253.9 | 50 |
| Security brokers and dealers; debt securities; asset | LM664022005 | 613.3 | 853.6 | 1028.7 | 963.2 | 1025.1 | 1028.7 | 1172.9 | 1279.3 | 1255.6 | 51 |
| Holding companies; long-term debt securities; asset | LM734022605 | 181.7 | 182.4 | 177.0 | 173.7 | 178.8 | 177.0 | 182.4 | 175.4 | 172.9 | 52 |
| Other financial business; debt securities; asset | FL504022005 | 248.6 | 295.8 | 303.7 | 292.0 | 302.1 | 303.7 | 352.6 | 417.7 | 363.3 | 53 |
| Rest of the world; debt securities, excluding negotiable certificates of deposit; asset | LM264022005 | 12264.3 | 13811.7 | 14482.7 | 13969.4 | 14797.5 | 14482.7 | 15094.5 | 15361.5 | 15706.7 | 54 |
| Instrument discrepancies; debt securities (level) (3) | LM904022005 | 5259.0 | 3952.2 | 4157.0 | 4434.3 | 2758.0 | 4157.0 | 3369.0 | 3128.0 | 2408.6 | 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: January 9, 2026