Financial Accounts of the United States - Z.1

F.207 Federal funds and security repurchase agreements1

Billions of dollars; quarterly figures are seasonally adjusted annual rates

Line Description Series 2023 2024 2025 2024:Q3 2024:Q4 2025:Q1 2025:Q2 2025:Q3 2025:Q4
Line 1 Net change in liabilities FA892150005 -377.2 -343.1 518.0 -49.6 -1567.1 2537.2 1005.2 -1738.5 267.9
Line 2 Monetary authority FA712151003 -1498.9 -502.3 -426.2 -612.1 -46.6 -335.2 220.4 -1737.7 147.7
Line 3 U.S.-chartered depository institutions FA762150005 59.0 17.6 15.7 -0.3 -88.7 57.2 195.5 -122.9 -67.2
Line 4 Federal funds2 FA762152005 -16.1 -7.4 2.2 -2.2 -7.2 10.1 7.1 -9.1 0.5
Line 5 Security repurchase agreements FA762151005 75.1 25.0 13.5 1.8 -81.5 47.1 188.4 -113.8 -67.7
Line 6 Foreign banking offices in U.S. FA752150005 87.3 -115.1 35.5 -512.4 -162.3 237.6 52.3 12.2 -159.9
Line 7 Federal funds2 FA752152005 2.8 4.1 8.1 25.8 -48.6 58.1 5.9 -0.4 -31.2
Line 8 Security repurchase agreements FA752151005 84.5 -119.2 27.5 -538.2 -113.7 179.5 46.3 12.6 -128.6
Line 9 Credit unions FA472150053 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 10 Property-casualty insurance companies FA512151003 2.3 -0.4 -0.0 0.2 -6.4 0.4 -1.8 2.3 -1.0
Line 11 Life insurance companies FA542151073 -0.3 5.6 -5.6 13.5 5.7 14.3 -24.0 -11.6 -1.0
Line 12 Government-sponsored enterprises FA402150005 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 13 ABS Issuers FA672151003 3.0 6.5 9.0 16.0 2.0 1.2 22.8 12.0 0.0
Line 14 Mortgage REITs FA642151073 17.4 19.1 74.1 74.2 -13.7 49.6 48.5 91.0 107.3
Line 15 Brokers and dealers FA662151003 483.9 226.0 491.8 513.0 -687.0 1446.0 60.6 -47.3 508.1
Line 16 Holding companies FA732151003 -0.0 -0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0
Line 17 Rest of the world FA262151005 469.3 -0.1 323.6 458.3 -570.0 1066.1 431.0 63.5 -266.2
Line 18 Net change in assets FA892050005 150.5 189.0 1064.3 1367.4 -865.3 3185.0 560.4 -770.7 1282.6
Line 19 Nonfinancial corporate business FA102051003 -3.1 18.9 26.2 23.1 47.0 40.9 -8.3 60.0 12.2
Line 20 Federal government FA313011545 -0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0
Line 21 State and local governments FA212051003 11.1 8.9 11.8 39.8 -22.6 32.5 -11.4 38.5 -12.5
Line 22 Monetary authority FA712051005 -0.0 0.0 74.6 10.5 -10.4 5.2 39.1 -20.3 274.4
Line 23 U.S.-chartered depository institutions FA762050005 -9.2 16.1 40.4 300.0 -102.1 46.3 165.0 -131.8 82.2
Line 24 Federal funds2 FA762052005 -12.6 1.3 0.7 1.2 3.2 10.9 -7.6 -1.5 0.9
Line 25 Security repurchase agreements FA762051005 3.3 14.8 39.7 298.8 -105.4 35.3 172.5 -130.3 81.3
Line 26 Foreign banking offices in U.S. FA752050005 69.9 25.4 57.9 6.0 -20.7 288.9 -25.9 13.2 -44.5
Line 27 Federal funds2 FA752052005 -0.2 -0.1 -0.1 0.6 -0.7 -0.2 0.0 1.3 -1.3
Line 28 Security repurchase agreements FA752051005 70.1 25.5 58.0 5.4 -20.0 289.1 -25.9 11.9 -43.2
Line 29 Credit unions FA472050053 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 -0.1 -0.0 0.0
Line 30 Federal funds FA472052053 -0.0 -0.0 0.0 -0.0 -0.0 0.0 0.0 -0.0 0.0
Line 31 Security repurchase agreements FA472051055 0.0 0.0 -0.0 0.0 0.0 0.0 -0.1 0.0 0.0
Line 32 Property-casualty insurance companies FA512051005 -1.9 0.7 -0.1 1.4 -0.9 0.2 -0.9 1.1 -0.9
Line 33 Life insurance companies FA542051075 1.0 -0.2 -0.7 0.8 -0.4 1.8 -3.1 -1.5 -0.0
Line 34 Private pension funds FA572051005 -0.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.2 -1.1 -1.2
Line 35 State and local govt. pension funds FA222051043 11.1 51.1 49.1 18.1 126.9 -3.2 3.4 142.3 54.0
Line 36 Money market funds FA632051000 -310.8 -45.7 374.2 401.1 -198.2 1107.2 613.6 -1209.1 985.3
Line 37 Mutual funds (net) FA652051003 -4.9 -7.6 10.7 -3.7 -10.2 5.3 24.7 12.1 0.7
Line 38 Government-sponsored enterprises FA402050005 19.9 30.0 -18.7 -19.1 148.4 61.9 20.8 -69.2 -88.4
Line 39 Of which: FHLB federal funds3 FA402052033 -8.1 -6.3 42.1 32.6 -92.0 106.7 8.8 43.4 9.6
Line 40 Brokers and dealers FA662051003 164.2 64.2 299.7 491.9 -567.4 962.1 -299.9 5.1 531.4
Line 41 Holding companies FA732051003 -2.2 -1.5 3.2 -0.4 2.0 7.8 -17.6 14.1 8.4
Line 42 Other financial business FA502051005 1.5 -1.3 0.9 -0.4 -2.0 -0.8 5.4 -1.8 0.6
Line 43 Rest of the world FA262051005 204.0 31.0 136.4 99.2 -253.7 630.0 56.8 377.8 -519.1
Line 44 Discrepancy FA902050005 -527.7 -532.1 -546.4 -1416.9 -701.7 -647.8 444.8 -967.8 -1014.7
 
Memo: Federal Reserve's reverse repurchase agreement operations
Line 45 Monetary authority (liabilities)4 FA712151103 -1535.2 -545.0 -367.5 -795.7 31.3 -297.2 246.3 -1646.6 227.7
Line 46 Money market funds (assets)5 FA632051103 -1370.9 -586.2 -309.8 -753.9 -189.4 -135.0 162.7 -1469.2 202.2
Line 47 Other financial institutions (assets)6 FA792051115 -164.3 41.2 -57.6 -41.8 220.7 -162.2 83.6 -177.4 25.5

Notes:

  1. 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.
  2. Excludes term federal funds.
  3. Includes term federal funds.
  4. Included in line 2.
  5. Included in line 35.
  6. Includes banks (consolidated), government-sponsored enterprises, and primary dealers.

Last Update: 2026-03-19